Senmiao Technology Limited (AIHS) 10-Q 14 Nov 19 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2019	Nov. 14, 2019
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Senmiao Technology Ltd
Entity Central Index Key	0001711012
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	AIHS
Security Exchange Name1	NASDAQ
Security 12b Title1	Common Stock
Entity Common Stock, Shares Outstanding		28,839,803
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Current Assets
Cash and cash equivalents	$ 2,538,667	$ 5,020,510
Accounts receivable, net	1,472,094	326,181
Inventories	2,195,382	1,508,244
Finance lease receivables, net, current portion	371,264	10,254
Prepayments, receivables and other assets, net	4,744,183	3,793,468
Escrow receivable due within one year	0	600,000
Due from related parties	136,590	140,498
Total Current Assets	11,458,180	11,399,155
Property and equipment, net	425,257	125,885
Other Assets
Right-of-use assets	842,413	0
Intangible assets, net	33,409	296,091
Prepayment for intangible assets	889,891	470,706
Accounts receivable, net	1,262,912	0
Finance lease receivables, net	733,269	22,298
Total Other Assets	3,761,894	789,095
Total Assets	15,645,331	12,314,135
Current Liabilities
Borrowings from financial institutions	205,775	219,157
Borrowings from third parties	0	476,765
Accounts payable	162,142	0
Advance from customers	100,533	38,996
Income tax payable	105,254	21,905
Accrued expenses and other liabilities	1,727,219	1,500,803
Due to stockholders	125,428	1,080,047
Due to related parties and affiliates	668,697	415,931
Lease liabilities	323,564	0
Derivative liabilities	193,569	0
Total Current Liabilities	3,612,181	3,753,604
Borrowings from financial institutions, noncurrent	72,724	177,789
Lease liabilities, non current	448,327	0
Total Other Liabilities	521,051	177,789
Total liabilities	4,133,232	3,931,393
Commitments and Contingencies
Stockholders' Equity
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 28,691,356 and 25,945,255 shares issued and outstanding at September 30, 2019 and March 31, 2019, respectively)	2,869	2,595
Additional Paid-in capital	26,786,683	23,833,112
Accumulated deficit	(14,519,644)	(15,031,538)
Accumulated other comprehensive loss	(763,605)	(428,771)
Total Stockholders' Equity	11,506,303	8,375,398
Noncontrolling interests	5,796	7,344
Total Equity	11,512,099	8,382,742
Total Liabilities and Equity	$ 15,645,331	$ 12,314,135

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Mar. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	28,691,356	25,945,255
Common Stock, Shares, Outstanding	28,691,356	25,945,255

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Revenues	$ 5,921,166	$ 71,508	$ 11,015,606	$ 196,534
Cost of revenues	(4,709,184)	0	(8,731,496)	0
Gross profit	1,211,982	71,508	2,284,110	196,534
Operating expenses
Selling, general and administrative expenses	(1,738,335)	(782,451)	(3,191,407)	(1,754,720)
Amortization of intangible assets	(11,414)	(86,791)	(26,568)	(173,088)
Impairments of intangible assets and goodwill	(266,534)	0	(266,534)	0
Total operating expenses	(2,016,283)	(869,242)	(3,484,509)	(1,927,808)
Loss from operations	(804,301)	(797,734)	(1,200,399)	(1,731,274)
Other (expense) income, net	(22,779)	7,729	9,462	10,905
Interest expense	(25,306)	0	(62,345)	0
Change in fair value of derivative liabilities	1,998,202	0	1,994,806	0
Total other income, net	1,950,117	7,729	1,941,923	10,905
Income (loss) before income taxes	1,145,816	(790,005)	741,524	(1,720,369)
Income tax expenses	(4,457)	0	(105,598)	0
Net income (loss)	1,141,359	(790,005)	635,926	(1,720,369)
Less: Net income attributable to noncontrolling interests	(51,105)	0	(124,033)	0
Net income (loss) attributable to stockholders	1,090,254	(790,005)	511,893	(1,720,369)
Other comprehensive loss
Foreign currency translation adjustment	(374,192)	(57,965)	(460,415)	(106,700)
Comprehensive income (loss)	767,167	(847,970)	175,511	(1,827,069)
Less: Total comprehensive income attributable to noncontrolling interests	(46,200)	0	(1,548)	0
Total comprehensive income (loss) attributable to stockholders	$ 813,367	$ (847,970)	$ 177,059	$ (1,827,069)
Weighted average number of common stock
Basic	28,237,413	25,879,400	27,185,205	25,879,400
Diluted	28,237,430	25,879,400	27,185,212	25,879,400
Earnings (loss) per share
Basic	$ 0.04	$ (0.03)	$ 0.02	$ (0.07)
Diluted	$ 0.04	$ (0.03)	$ 0.02	$ (0.07)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]Series B Warrants [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]Series B Warrants [Member]	Additional Paid-in Capital [Member]	Accumulated deficit [Member]Series B Warrants [Member]	Accumulated deficit [Member]	Accumulated other comprehensive loss [Member]Series B Warrants [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]Series B Warrants [Member]	Non-controlling interest [Member]	Series B Warrants [Member]	Total
Beginning balance at Mar. 31, 2018		$ 2,588		$ 23,611,512		$ (10,481,669)		$ (253,761)		$ 0		$ 12,878,670
Beginning balance (in shares) at Mar. 31, 2018		25,879,400
Net income (loss)		$ 0		0		(930,364)		0		0		(930,364)
Foreign currency translation adjustment		0		0		0		(48,735)		0		(48,735)
Ending balance at Jun. 30, 2018		$ 2,588		23,611,512		(11,412,033)		(302,496)		0		11,899,571
Ending balance (in shares) at Jun. 30, 2018		25,879,400
Beginning balance at Mar. 31, 2018		$ 2,588		23,611,512		(10,481,669)		(253,761)		0		12,878,670
Beginning balance (in shares) at Mar. 31, 2018		25,879,400
Net income (loss)												(1,720,369)
Foreign currency translation adjustment												(106,700)
Ending balance at Sep. 30, 2018		$ 2,588		23,611,512		(12,202,038)		(360,461)		0		11,051,601
Ending balance (in shares) at Sep. 30, 2018		25,879,400
Beginning balance at Mar. 31, 2018		$ 2,588		23,611,512		(10,481,669)		(253,761)		0		12,878,670
Beginning balance (in shares) at Mar. 31, 2018		25,879,400
Ending balance at Mar. 31, 2019		$ 2,595		23,833,112		(15,031,538)		(428,771)		7,344		8,382,742
Ending balance (in shares) at Mar. 31, 2019		25,945,255
Beginning balance at Jun. 30, 2018		$ 2,588		23,611,512		(11,412,033)		(302,496)		0		11,899,571
Beginning balance (in shares) at Jun. 30, 2018		25,879,400
Net income (loss)		$ 0		0		(790,005)		0		0		(790,005)
Foreign currency translation adjustment		0		0		0		(57,965)		0		(57,965)
Ending balance at Sep. 30, 2018		$ 2,588		23,611,512		(12,202,038)		(360,461)		0		11,051,601
Ending balance (in shares) at Sep. 30, 2018		25,879,400
Beginning balance at Mar. 31, 2019		$ 2,595		23,833,112		(15,031,538)		(428,771)		7,344		8,382,742
Beginning balance (in shares) at Mar. 31, 2019		25,945,255
Issuance of common stock pursuant to initial public offering ("IPO"), net of issuance costs		$ 178		1,991,940		0		0		0		1,992,118
Issuance of common stock pursuant to initial public offering ("IPO"), net of issuance costs (Shares)		1,781,360
Net income (loss)		$ 0		0		(578,360)		0		72,928		(505,432)
Foreign currency translation adjustment		0		0		0		(57,947)		(28,276)		(86,223)
Ending balance at Jun. 30, 2019		$ 2,773		25,825,052		(15,609,898)		(486,718)		51,996		9,783,205
Ending balance (in shares) at Jun. 30, 2019		27,726,615
Beginning balance at Mar. 31, 2019		$ 2,595		23,833,112		(15,031,538)		(428,771)		7,344		8,382,742
Beginning balance (in shares) at Mar. 31, 2019		25,945,255
Net income (loss)												635,926
Foreign currency translation adjustment												(460,415)
Ending balance at Sep. 30, 2019		$ 2,869		26,786,683		(14,519,644)		(763,605)		5,796		11,512,099
Ending balance (in shares) at Sep. 30, 2019		28,691,356
Beginning balance at Jun. 30, 2019		$ 2,773		25,825,052		(15,609,898)		(486,718)		51,996		9,783,205
Beginning balance (in shares) at Jun. 30, 2019		27,726,615
Exercise of Series B warrants into common stock	$ 96		$ 961,631		$ 0		$ 0		$ 0		$ 961,727
Exercise of Series B warrants into common stock (in shares)	964,741
Net income (loss)		$ 0		0		1,090,254		0		51,105		1,141,359
Foreign currency translation adjustment		0		0		0		(276,887)		(97,305)		(374,192)
Ending balance at Sep. 30, 2019		$ 2,869		$ 26,786,683		$ (14,519,644)		$ (763,605)		$ 5,796		$ 11,512,099
Ending balance (in shares) at Sep. 30, 2019		28,691,356

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income (loss)	$ 635,926	$ (1,720,369)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of property and equipment	56,016	4,897
Amortization of right-of-use assets	90,800	0
Amortization of intangible assets	26,568	173,088
Provision for doubtful accounts	166,558	0
Impairment loss of intangible assets	266,534	0
Loss on disposal of an equipment	4,621	0
Change in fair value of derivative liabilities	(1,994,806)	0
Change in operating assets and liabilities
Accounts receivable	(2,606,829)	(40,229)
Inventories	(804,853)	0
Prepayments, receivables and other assets	(1,311,125)	31,418
Finance lease receivables	(1,109,277)	0
Accounts payable	167,472	0
Advances from customers	66,019	0
Income tax payable	87,469	0
Accrued expenses and other liabilities	319,448	(30,524)
Lease liabilities	(124,945)	0
Net Cash Used in Operating Activities	(6,064,404)	(1,581,719)
Cash Flows from Investing Activities:
Purchases of property and equipment	(384,695)	(27,271)
Purchases of intangible assets	0	(42,472)
Prepayment of intangible assets	(470,000)	0
Net Cash Used in Investing Activities	(854,695)	(69,743)
Cash Flows from Financing Activities:
Net proceeds from issuance of common stock in registered direct offering	5,142,124	0
Net proceeds from issuance of common stock upon warrants exercised	96	0
Proceeds borrowed from stockholders	0	1,574,617
Repayments to stockholders	(870,249)	(1,500,000)
Repayments to third parties	(462,370)	0
Borrowings from related parties and affiliates	1,177,651	0
Repayments to related parties and affiliates	(838,949)	0
Repayments of current borrowings from financial institutions	(97,306)	0
Release of escrow receivable	600,000	600,000
Net Cash Provided by Financing Activities	4,650,997	674,617
Effect of exchange rate changes on cash and cash equivalents	(213,741)	(98,647)
Net decrease in cash and cash equivalents	(2,481,843)	(1,075,492)
Cash and cash equivalents, beginning of period	5,020,510	5,020,510
Cash and cash equivalents, end of period	2,538,667	10,066,074
Supplemental Cash Flow Information
Cash paid for interest expense	62,345	0
Cash paid for income tax	0	0
Non-cash Transaction in Investing and Financing Activities
IPO expenses paid by the Company's stockholders	0	70,687
Right-of-use assets obtained in exchange of operating lease liabilities	960,908	0
Intangible assets received from prepayment	40,457	0
Allocation of fair value of derivative liabilities for issuance of common stock proceeds	3,150,006	0
Allocation of fair value of derivative liabilities to additional paid in capital upon warrants exercised	$ 961,631	$ 0

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTITIVIES	6 Months Ended
	Sep. 30, 2019
ORGANIZATION AND PRINCIPAL ACTITIVIES
ORGANIZATION AND PRINCIPAL ACTITIVIES	1. ORGANIZATION AND PRINCIPAL ACTITIVIES Senmiao Technology Limited (the “Company”) is a U.S. holding company incorporated in the State of Nevada on June 8, 2017. The Company provides automobile transaction and related services focusing on the ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through its majority owned subsidiary, Hunan Ruixi Financial Leasing Co., Ltd. (“Hunan Ruixi”), a PRC limited liability company, its wholly owned subsidiary, Hunan Ruixi Automobile Leasing Co., Ltd. (“Ruixi Leasing”), and its VIE, Sichuan Jinkailong Automobile Leasing Co., Ltd. (“Jinkailong”). The Company operated an online lending platform in China through its variable interest entity (“VIE”), Sichuan Senmiao Ronglian Technology Co., Ltd. (“Sichuan Senmiao”), which facilitated peer-to-peer (“P2P”) loan transactions between Chinese investors and individual and small-to-medium-sized enterprise (“SME”) borrowers. The Company ceased its online lending services business in October 2019 and commenced a process of winding down such business. On September 25, 2016, Sichuan Senmiao acquired a P2P platform (including website, internet content provider license, operating systems, servers, and management system) from Sichuan Chenghexin Investment and Asset Management Co., Ltd. On July 28, 2017, the Company established a wholly-owned subsidiary, Sichuan Senmiao Zecheng Business Consulting Co., Ltd. (“Senmiao Consulting”) in China. Sichuan Senmiao was established in China in June 2014. On September 18, 2017, the Company, through Senmiao Consulting, entered into a series of agreements (“VIE Agreements”) with Sichuan Senmiao and its equity holders (the “Sichuan Senmiao Shareholders”) to obtain control and became the primary beneficiary of Sichuan Senmiao (the “Restructuring”). In connection with the Restructuring, as partial consideration for the Sichuan Senmiao Shareholders’ commitment to perform their obligations under the VIE Agreements, the Company issued an aggregate of 45,000,000 shares of its common stock to the Sichuan Senmiao Shareholders pursuant to certain subscription agreements dated September 18, 2017. On November 21, 2018, as part of its entry into the automobile transaction business, the Company entered into an Investment and Equity Transfer Agreement (the “Investment Agreement”) with Hunan Ruixi and all the shareholders of Hunan Ruixi (“Hunan Ruixi Shareholders”), pursuant to which the Company acquired from the Hunan Ruixi Shareholders an aggregate of 60% of the equity interest of Hunan Ruixi. The Company closed the acquisition on November 22, 2018 and agreed to make a cash contribution of $6,000,000 to Hunan Ruixi, representing 60% of its registered capital, in accordance with the Investment Agreement (Note 3). As of June 30, 2019, the Company made the full cash contributions in the aggregate amount of $6,000,000 to Hunan Ruixi. Hunan Ruixi holds a business license for automobile sales and financial leasing and has been engaged in automobile financial leasing services and automobile sales since January 2019. Hunan Ruixi also controls Jinkailong through its 35% equity interest and a voting agreement with Jinkailong’s other shareholders. Jinkailong facilitates automobile sales and financing transactions for its clients, who are primarily ride-hailing drivers and provides them relevant after- transaction services. In April 2019, Ruixi Leasing began its leasing operation. The Company formed a wholly owned subsidiary, Yicheng Financial Leasing Co., Ltd. ("Yicheng"), with a registered capital of $50 million in Chengdu City, Sichuan Province in May 2019. Yicheng obtained its business licenses for automobiles sale and financial leasing on May 5, 2019. Yicheng has been engaged in automobile sales since June 2019. On July 5, 2019, Yicheng entered into an Investment and Equity Transfer Agreement with Chengdu Mashangchuxing Automobile Leasing Co., Ltd. (“Mashang Chuxing”), Chengdu Yunche Chixun Business Consulting Co., Ltd. (“Yunche Chixun”), Mr. Zhiqiu Xia and all the shareholders of Mashang Chuxing (“Mashang Chuxing Shareholders”), pursuant to which, Yicheng, Yunche Chixun, Mr. Zhiqiu Xia acquired from the Mashang Chuxing Shareholders 49%, 5% and 46% of the equity interests of Mashang Chuxing for no consideration, respectively. As of the date of the financial statements, none of the current shareholders of Mashang Chuxing made capital contribution. Mashang Chuxing commenced providing ride-hailing services in August 2019 and has not generated significant revenue due to limited operations. As a result, no equity investment income nor expense were recorded for the three and six months ended September 30, 2019. The following diagram illustrates the Company’s corporate structure, including its subsidiaries, and VIEs, as of the date of these financial statements: VIE Agreements with Sichuan Senmiao According to the VIE Agreements, Sichuan Senmiao is obligated to pay Senmiao Consulting service fees equal to its net income. Sichuan Senmiao’s entire operations are controlled by the Company. Although the Company is discontinuing Sichuan Senmiao’s business operations, the VIE Agreements remain in place, and such agreements are described in detail below: Equity Interest Pledge Agreement Senmiao Consulting, Sichuan Senmiao and the Sichuan Senmiao Shareholders entered into an Equity Interest Pledge Agreement, pursuant to which the Sichuan Senmiao Shareholders pledged all of their equity interest in Sichuan Senmiao to Senmiao Consulting in order to guarantee the performance of Sichuan Senmiao’s obligations under the Exclusive Business Cooperation Agreement as described below. During the term of the pledge, Senmiao Consulting is entitled to receive any dividends declared on the pledged equity interest of Sichuan Senmiao. The Equity Interest Pledge Agreement terminates when all contractual obligations under the Exclusive Business Cooperation Agreement have been fully performed. Exclusive Business Cooperation Agreement Pursuant to an Exclusive Business Cooperation Agreement entered by and among the Company, Senmiao Consulting, Sichuan Senmiao and each of Sichuan Senmiao Shareholders, Senmiao Consulting will provide Sichuan Senmiao with complete technical support, business support and related consulting services for 10 years ended September 18, 2027. The Sichuan Senmiao Shareholders and Sichuan Senmiao will not engage any third party for the same or similar consultation services without Senmiao Consulting's prior consent. Further, the Sichuan Senmiao Shareholders are entitled to receive an aggregate of 20,250,000 shares of common stock of the Company under the Exclusive Business Cooperation Agreement. Senmiao Consulting may terminate the Exclusive Business Cooperation Agreement at any time upon prior written notice to Sichuan Senmiao and the Sichuan Senmiao Shareholders. Exclusive Option Agreement Pursuant to an Exclusive Option Agreement entered by and among Senmiao Consulting, Sichuan Senmiao and the Sichuan Senmiao Shareholders, the Sichuan Senmiao Shareholders have granted Senmiao Consulting an exclusive option to purchase at any time their equity interests in Sichuan Senmiao at a purchase price equal to the capital paid by the Sichuan Senmiao Shareholders in whole or at a pro-rated price for any partial purchase. The Exclusive Option Agreement terminates after 10 years ending September 18, 2027 but can be renewed by Senmiao Consulting at its discretion. Powers of Attorney Each of the Sichuan Senmiao Shareholders has signed a power of attorney (the “Power of Attorney”), pursuant to which, each of the Sichuan Senmiao Shareholders has authorized Senmiao Consulting to act as his or her exclusive agent and attorney with respect to all rights of such individual as a shareholder of Sichuan Senmiao, including but not limited to: (a) attending shareholders’ meetings; (b) exercising all the shareholder’s rights that shareholders are entitled to under PRC laws and the Articles of Association of Sichuan Senmiao, including but not limited to voting, sale, transfer, pledge and disposition of the equity interests of Sichuan Senmiao; and (c) designating and appointing the legal representative, chairperson, director, supervisor, chief executive officer and other senior management members of Sichuan Senmiao. The Power of Attorney has the same term as the Exclusive Option Agreement. Timely Report Agreement The Company and Sichuan Senmiao entered into a Timely Report Agreement, pursuant to which, Sichuan Senmiao agrees to make its officers and directors available to the Company and promptly provide all information required by the Company so that the Company can make necessary filings to the U.S. Securities and Exchange Commission (“SEC”) and other regulatory reports in a timely fashion. The Company has concluded that it should consolidate the financial statements with Sichuan Senmiao because it is Sichuan Senmiao’s primary beneficiary based on the Power of Attorney from the Sichuan Senmiao Shareholders, who assigned their rights as shareholders of Sichuan Senmiao to Senmiao Consulting, the Company’s wholly-owned subsidiary. These rights include, but are not limited to, attending shareholders’ meetings, voting on matters submitted for shareholder approval and appointing legal representatives, directors, supervisors and senior management of Sichuan Senmiao. As a result, the Company, through Senmiao Consulting, is deemed to hold all of the voting equity interests in Sichuan Senmiao. Pursuant to Exclusive Business Cooperation Agreement, Senmiao Consulting shall provide complete technical support, business support and related consulting services for 10 years. Though not explicit in the VIE Agreements, the Company may provide financial support to Sichuan Senmiao to meet its working capital requirements and capitalization purposes. The terms of the VIE Agreements and the Company’s plan to provide financial support to Sichuan Senmiao were considered in determining that the Company is the primary beneficiary of Sichuan Senmiao. Accordingly, the financial statements of Sichuan Senmiao are consolidated in the Company’s consolidated financial statements. The Restructuring constituted a reorganization. As all of the above mentioned companies are under common control, this series of transactions are considered as a reorganization of the entities under common control at carrying value and the consolidated financial statements have been prepared as if the reorganization had occurred retroactively. The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods and the reorganization had occurred as of the beginning of the earliest period presented in the accompanying consolidated financial statements. Voting Agreement with Jinkailong’s Other Shareholders In addition to obtaining 35% equity interests in Jinkailong, Hunan Ruixi entered into a voting agreement, as amended (the "Voting Agreement"), with Jinkailong and other Jinkailong’s shareholders holding an aggregate of 65% equity interests . Pursuant to the Voting Agreement, all other Jinkailong’s shareholders will vote in concert with Hunan Ruixi on all fundamental corporate transactions in the event of a disagreement for a period of 20 years, ending on August 25, 2038. The Company has concluded that it should consolidate the financial statements with Jinkailong because it is Jinkailong’s primary beneficiary based on the Voting Agreement. Though not explicit in the Voting Agreement by and among Jinkailong, Hunan Ruixi, and other shareholders of Hunan Ruixi, the Company may provide financial support to Jinkailong to meet its working capital requirements and capitalization purposes. The terms of the Voting Agreement and the Company’s plan to provide financial support to Jinkailong were considered in determining that the Company is the primary beneficiary of Jinkailong. Accordingly, management has determined that Jinkailong is a VIE and the financial statements of Jinkailong are consolidated in the Company’s consolidated financial statements. Total assets and total liabilities of the Company’s VIEs included in the Company’s consolidated financial statements as of September 30, 2019 and March 31, 2019 are as follows: September 30, 2019 March 31, 2019 (Unaudited) Total assets $ 8,223,322 $ 5,214,014 Total liabilities $ 10,229,991 $ 6,852,769 Net revenue, income (loss) from operations and net loss of the VIEs that were included in the Company's consolidated financial statements for the three and six months ended September 30, 2019 and 2018 are as follows: For the Three Months Ended For the Six Months Ended September 30, September 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net revenue $ 899,814 $ 71,508 $ 1,888,863 $ 196,534 Income (loss) from operations $ (303,826) $ (458,306) $ (140,805) $ (858,034) Net loss $ (472,332) $ (452,525) $ (487,739) $ (851,239)

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) The accompanying interim unaudited condensed consolidated financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim financial information as of September 30, 2019 and for the six months ended September 30, 2019 and 2018 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with U.S. GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10‑K for the fiscal year ended March 31, 2019, which was filed with the SEC on July 5, 2019. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of September 30, 2019, its unaudited results of operations for the three and six months ended September 30, 2019 and 2018, and its unaudited cash flows for the six months ended September 30, 2019 and 2018, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. (b) The unaudited condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of the subsidiaries and VIEs. All inter-company accounts and transactions have been eliminated in consolidation. (c) Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company and its subsidiaries and VIEs is U.S. dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the functional currency of the economic environment in which its operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries and VIEs are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: September 30, 2019 March 31, 2019 Balance sheet items, except for equity accounts 7.1484 6.7119 For the Three Months Ended September 30, 2019 2018 Items in the statements of operations and comprehensive loss 7.0170 6.8127 For the Six Months Ended September 30, 2019 2018 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.9209 6.5925 (d) In presenting the unaudited condensed consolidated financial statements in accordance with U. S. GAAP, management make estimates and assumptions that affect the amounts reported and related disclosures . Estimates, by their nature, are based on judgement and available information. Accordingly, actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, lease classification and liabilities, finance lease receivables, inventory obsolescence, right-of-use assets, determinations of the useful lives and valuation of long-lived assets, estimates of allowances for doubtful accounts and prepayments, estimates of impairment of intangible assets, valuation of deferred tax assets, estimated fair value used in business acquisitions, valuation of derivative liabilities, allocation of fair value of derivative liabilities issuance of common stock and warrants exercised and other provisions and contingencies. (e) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. The three levels of valuation hierarchy are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2019: Carrying Value at Fair Value Measurement at September 30, 2019 September 30, 2019 (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities $ 193,569 $ — $ $ 193,569 The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the six months ended September 30, 2019: September 30, 2019 Beginning balance $ — Derivative liabilities recognized at grant date on June 20, 2019 3,150,006 Change in fair value of derivative liabilities (1,994,806) Warrant exercised (961,631) Ending balance $ 193,569 On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock, (ii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock and (iii) placement agent warrants to purchase up to 142,509 shares of common stock. Those Warrant shares' strike price is denominated in US$ and the Company's functional currency is RMB, therefore, those warrant shares are not considered indexed to the Company's own stock which should be classified as derivative liability. The Company's warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date) and September 30, 2019. June 20, 2019 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 1,116,320 142,509 Valuation date 6/20/2019 6/20/2019 6/20/2019 Exercise price $ 3.72 $ 3.72 $ 3.38 Stock price $ 2.80 $ 2.80 $ 2.80 Expected term(year) 4.00 1.00 4.00 Risk-free interest rate 1.77 % 1.77 % 1.77 % Expected volatility 86 % 86 % 86 % September 30, 2019 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 151,579 142,509 Valuation date 9/30/2019 9/30/2019 9/30/2019 Exercise price $ 3.72 $ 0.0001 $ 3.38 Stock price $ 0.37 $ 0.37 $ 0.37 Expected term(year) 3.72 0.72 3.72 Risk-free interest rate 1.56 % 1.79 % 1.56 % Expected volatility 98 % 98 % 98 % As of September 30, 2019 and March 31, 2019, financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, accounts receivable, finance lease receivables and other assets, escrow receivables, due from related parties, borrowings from financial institutions, other liabilities, due to stockholders and due to related parties and affiliates, which approximate their fair values because of the short-term nature of these instruments, and noncurrent liabilities of borrowings from financial institutions, which approximate their fair values because of the stated loan interest rate to the rate charged by similar financial institutions. The finance lease receivables were recorded at gross adjusted for the deferred interest income using the effective interest rate method. The Company believes that the effective interest rates underlying the finance lease receivables approximate current market rates for such finance leasing products as of September 30, 2019. Other than as listed above, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value. (f) The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated income statements. For the Company’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to noncontrolling interests are also recorded as noncontrolling interests in the Company’s consolidated balance sheets and consolidated statements of operations and comprehensive loss. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows. (g) Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company’s management team. Historically, the Company had one single operating and reportable segment, namely the provision of an online lending services. During the year ended March 31, 2019, the Company acquired Hunan Ruixi and Jinkailong and evaluated how the CODM manages the businesses of the Company to maximize efficiency in allocating resources and assessing performance. Consequently, the Company presents two operating and reportable segments as set forth in Notes 2 (p) and 19. (h) Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. (i) Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, and are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2019 and March 31, 2019, allowance for doubtful accounts amounted to $95,111 and $0, respectively. (j) Inventories consist of automobiles which are held primarily for sale and for leasing purposes, and are stated at lower of cost or net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances. (k) Finance lease receivables, which result from sales-type leases, are measured at discounted present value of (i) future minimum lease payments, (ii) any residual value not subject to a bargain purchase option as a finance lease receivables on its balance sheet and (iii) accrued interest on the balance of the finance lease receivables based on the interest rate inherent in the applicable lease over the term of the lease. Management also periodically evaluates individual customer's financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Finance lease receivables is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2019, the Company determined no allowance for doubtful accounts was necessary for finance lease receivables. As of September 30, 2019 and March 31, 2019, finance lease receivables consisted of the following: September 30, March 31, 2019 2019 (Unaudited) Gross minimum lease payments receivable $ 1,494,882 $ 40,023 Less: Amounts representing estimated executory costs — — Minimum lease payments receivable 1,494,882 40,023 Less Allowance for uncollectible minimum lease payments receivable — — Net minimum lease payments receivable 1,494,882 40,023 Estimated residual value of leased automobiles — — Less: Unearned interest (390,349) (7,471) Financing lease receivables, net $ 1,104,533 $ 32,552 Finance lease receivables, net, current portion $ 371,264 $ 10,254 Finance lease receivables, net, long-term portion $ 733,269 $ 22,298 Future scheduled minimum lease payments for investments in sales-type leases as of September 30, 2019 are as follows: Minimum future payments receivable Twelve months ending September 30, 2020 $ 481,297 Twelve months ending September 30, 2021 467,494 Twelve months ending September 30, 2022 392,654 Twelve months ending September 30, 2023 153,437 Total $ 1,494,882 (l) Property and equipment primarily consists of computer equipment, which is stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the estimated useful life. The useful life of property and equipment is summarized as follows: Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment 2 - 5 years Office equipment 3 - 5 years Automobiles 4 years The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the six months ended September 30, 2019 and 2018, there was no impairment of property and equipment. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated income statements. (m) Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Categories Useful life Platform 7 years Customer relationship 10 years Software 5‑7 years Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the three and six months ended September 30, 2019 there was a $266,534 impairment on customer relationship from Sichuan Senmiao as a result of the Company’s decision to discontinue the P2P lending business in October 2019. For the three and six months ended September 30, 2018, there was no impairment of intangible assets. (n) Basic earnings (loss) per share is computed by dividing net loss attributable to stockholders by the weighted average number of outstanding shares of common stock, adjusted for outstanding shares of common stock that are subject to repurchase. For the calculation of diluted earnings (loss) per share, net income (loss) attributable to stockholders for basic earnings (loss) per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net earnings (loss) per share if their inclusion is anti-dilutive. (o) A contract is designated as an asset or a liability and is carried at fair value on a company's balance sheet, with any changes in fair value recorded in a company's results of operations. The Company then determines which options, warrants and embedded features require liability accounting and records the fair value as a derivative liability. The changes in the values of these instruments are shown in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as "change in fair value of derivative liabilities". (p) The Company adopted ASC 606, Revenue from Contracts with Customers (“ASC 606 ") on April 1, 2019 using the modified retrospective approach. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of ASC 606 and therefore there was no material changes to the Company’s consolidated financial statements upon adoption of ASC 606. As of September 30, 2019, the Company had outstanding contracts for automobile transaction and related services amounting to $1,552,934, of which $596,797 is expected to be completed within 12 months after September 30, 2019, and $956,137 is expected to be completed after September 30, 2020. Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Six Months Ended September 30, September 30, 2019 2018 2019 2018 Automobile Transaction and Related Services - Revenues from sales of automobiles $ 4,886,518 $ — $ 8,866,629 $ — - Service fees from automobile purchase services 600,684 — 1,257,010 — - Facilitation fees from automobile transactions 41,764 — 143,263 — - Service fees from management and guarantee services 97,840 — 184,655 — - Financing revenues 47,121 — 61,264 — - - Other service fees 211,360 — 385,029 — Online Lending Services - Transaction fees 13,479 65,021 70,454 180,885 - Service fees 8,313 6,487 21,857 15,649 - Website development revenue 14,087 — 25,445 — Total revenues $ 5,921,166 $ 71,508 $ 11,015,606 $ 196,534 Automobile transaction and related services Sales of automobiles –The Company generates revenue from sales of automobiles to the customers of Jinkailong, Hunan Ruixi and Mashang Chuxing. The control over the automobile is transferred to the purchaser along with the delivery of automobile. The amount of the revenue is based on the sale price agreed by Hunan Ruixi or Yicheng and the counterparties, including Jinkailong and Mashang Chuxing, who acts on behalf of its customers. The Company recognizes revenues when the automobile is delivered and control is transferred to the purchaser. Service fees from automobile purchase services – Services fees from automobile purchase services are paid by automobile purchasers for a series of the services provided to them throughout the purchase process such as credit assessment, preparation of financing application materials, assistance with closing of financing transactions, license and plate registration, payment of taxes and fees, purchase of insurance, installment of GPS devices, ride-hailing driver qualification and other administrative procedures. The amount of these fees is based on the sales price of the automobiles and relevant services provided. The Company recognizes revenue when all the services are completed and the automobile is delivered to the purchaser. Facilitation fees from automobile transactions – Facilitation fees from automobile purchase transactions are paid by the Company’s customers including third-party sales teams or the automobile purchasers for the facilitation of the sales and financing of automobiles. The Company attracts automobile purchasers through third-party sales teams or its own sales department. For the sales facilitated between third-party sales teams and automobile purchasers, the Company charges the fees to the third-party sales teams, which derived from the commission paid by the automobile purchasers to the third-party sales teams. Relating to sales facilitated between automobile purchasers and dealers, the Company charges the fees to the automobile purchasers. The Company recognizes revenue from facilitation fees when the titles are transferred to the purchasers. The amount of fees is based on the type of automobile and negotiation with each sales team or automobile purchaser. The fees charged to third-party sales teams or automobile purchasers are paid before the automobile purchase transactions are consummated. These fees are non-refundable upon the delivery of automobiles. Service fees from management and guarantee services – Over 95% of the Company’s customers are drivers of Didi Chuxing Technology Co., Ltd., the largest ride-hailing service platform in China. The drivers sign affiliation agreements with the Company, pursuant to which the Company provides them with management and guarantee services during the affiliation period. Service fees for management and guarantee services are paid by such automobile purchasers on a monthly basis for the management and guarantee services provided during the affiliation period. The Company recognizes revenue over the affiliation period when performance obligations are completed. Financing revenues – Interest income from the lease arising from the Company’s sales-type leases and bundled lease arrangements is recognized as financing revenues over the lease term based on the effective rate of interest in the lease. Lease On April 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update, as well as additional amendments and targeted improvements issued in 2018 and early 2019, supersedes existing lease accounting guidance found under ASC 840, Leases (“ASC 840”). The accounting for lessors does not fundamentally change with this update except for changes to conform and align guidance to the lessee guidance, as well as to the revenue recognition guidance in ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606). Some of these conforming changes, such as those related to the definition of lease term and minimum lease payments, resulted in certain lease arrangements, that would have been previously accounted for as operating leases, to be classified and accounted for as sales-type leases with a corresponding up-front recognition of automobile sales revenue when the lessee obtained control over the automobile. The two primary accounting provisions the Company uses to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Automobile included in arrangements meeting these conditions are accounted for as sales-type leases. Interest income from the lease is recognized in financing revenues over the lease term. Automobile included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. The Company excludes from the measurement of its lease revenues any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. The Company consider the economic life of most of the automobiles to be three to four years, since this represents the most common lease term for its automobiles and the automobiles will be used for ride-hailing services. The Company believes three to four years is representative of the period during which an automobile is expected to be economically usable, with normal service, for the purpose for which it is intended. A portion of the Company’s direct sales of automobile to end customers are made through bundled lease arrangements which typically include automobile, services (automobile purchase services, facilitation services, and management and guarantee services) and financing components where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. Revenues under these bundled lease arrangements are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement and the financing components. Lease deliverables include the automobile and financing, while the non-lease deliverables generally consist of the services and repayment of advanced fees made on behalf of its customers. The Company considers the fixed payments for purposes of allocation to the lease elements of the contract. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed lease payments that the customer is obligated to make over the lease term. Amounts allocated to the automobile and financing elements are then subjected to the accounting estimates under ASC 842 to ensure the values reflect standalone selling prices. The remainder of any fixed payments are allocated to non-lease elements (automobile purchase services, facilitation fees, and management and guarantee services), for which these revenues are recognized in a manner consistent with the guidance for service fees from automobile purchase services, facilitation fees from automobile transactions, and service fees from management and guarantee services as discussed above. The Company’s lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon the local prevailing rates in the marketplace where its customer will be able to obtain an automobile loan under similar terms from the bank. The Company reassess its pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. As of September 30, 2019, the Company's pricing interest rate was 6.0% per annum. Online P2P Lending Services Transaction fees – Under the Company’s now discontinued P2P lending business, transaction fees were paid by borrowers to the Company for the work the Company performed through its platform. The amount of these fees was based upon the loan amount and the maturity date of the loan. The fees charged to borrowers were paid upon (i) disbursement of the proceeds for loans which accrued interest on a monthly basis or (ii) full payment of principal and interest of loans which accrued interest on a daily basis. These fees were non-refundable upon the issuance of loan. The Company recognized revenue when loan proceeds were disbursed to borrowers or borrowers paid their principal and interest on loans. Service fees – The Company charged investors service fees on their actual return of investment (interest income). The Company generally received the service fees upon the investors’ receipt of their investment returns. The Company recognized revenue when loans were repaid and investors received their investment income. Website development revenues – Revenue allocated to website development services is recognized as the service is performed over time using the Company’s efforts or inputs to the satisfaction of a performance obligation using an input measure method, under which the total value of revenue is recognized on the basis of the percentage that total cost to date bears to the total expected costs. The Company considers labor costs and related outsource labor costs for the input measurement as the best available indicator of the progress, pattern and timing in which contract obligations are fulfilled. Provisions for estim

ACQUISITION OF HUNAN RUIXI AND

ACQUISITION OF HUNAN RUIXI AND ITS VIE	6 Months Ended
	Sep. 30, 2018
ACQUISITION OF HUNAN RUIXI AND ITS VIE
ACQUISITION OF HUNAN RUIXI AND ITS VIE	3. ACQUISITION OF HUNAN RUIXI AND ITS VIE On November 21, 2018, the Company entered into the Investment Agreement with Hunan Ruixi and the Hunan Ruixi Shareholders. Pursuant to the Investment Agreement, among other things, the Company acquired from the Hunan Ruixi Shareholders an aggregate of 60% of the outstanding equity interest in Hunan Ruixi for no consideration. The Company closed the acquisition on November 22, 2018 and agreed to make a capital contribution of $6,000,000 to Hunan Ruixi, representing 60% of its registered capital , in accordance with the Investment Agreement. As of June 30, 2019, the Company made the full cash contributions totaling $6,000,000 to Hunan Ruixi. The Company is entitled to vote and receive profits based on its equity interest ownership in Hunan Ruixi and has a right of first refusal for any issuance of new equity of Hunan Ruixi. The acquisition had been accounted for as a business combination and the results of operations of Hunan Ruixi have been included in the Company’s consolidated financial statements from the acquisition date. The Company made estimates and judgments in determining the fair value of acquired assets and liabilities, based on an independent valuation report and management’s experiences with similar assets and liabilities. The following table summarizes the fair values for major classes of assets acquired and liabilities assumed at the date of acquisition: Fair value Net assets acquired (i) $ 63,965 Gain from acquisition of Hunan Ruixi and its subsidiary and VIE — Noncontrolling interests (ii) — Total purchase consideration $ — (i) Net assets acquired primarily include cash and cash equivalents of $213,645, other current assets of $1,813,821, property and equipment of $107,865, other current liabilities of $711,303 and borrowings from related parties and affiliates of $785,231, and borrowings from financial institutions of $554,802. (ii) Fair value of the noncontrolling interests is estimated with reference to the purchase price per share as of the acquisition date.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Sep. 30, 2019
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	4. ACCOUNTS RECEIVABLE, NET Accounts receivable include a portion of bundled lease arrangements on fixed minimum monthly payments to be paid by the automobile purchasers arising from automobile sales and services fees, net of unearned interest income, discounted using the Company’s lease pricing interest rates. As of September 30, 2019 and March 31, 2019, accounts receivable were comprised of the following: September 30, March 31, 2019 2019 (Unaudited) Receivables of transaction fees due from borrowers $ 143,795 $ 126,272 Receivables of automobile sales due from automobile purchasers 1,292,895 — Receivables of services fees due from automobile purchasers 1,590,292 199,909 Less: Unearned interest (196,865) — Less: Allowance for doubtful accounts (95,111) — Accounts receivable, net $ 2,735,006 $ 326,181 Account receivable, net, current portion $ 1,472,094 $ 326,181 Account receivable, net, long-term portion $ 1,262,912 $ — Movement of allowance for doubtful accounts is as follows: September 30, 2019 March 31, 2019 (Unaudited) Beginning balance $ — $ — Provision for doubtful accounts 98,239 — Translation adjustment (3,128) — Ending balance $ 95,111 $ —

INVENTORIES

INVENTORIES	6 Months Ended
	Sep. 30, 2019
INVENTORIES
INVENTORIES	5. INVENTORIES September 30, March 31, 2019 2019 (Unaudited) Automobiles (i) $ 2,195,382 $ 1,508,244 (i) As of September 30, 2019, the Company owned four automobiles with a total value of $50,619 for leasing purposes, 113 automobiles with a total value of $1,235,048 for sale, and 78 automobiles with a total value of $909,715 for either leasing or selling purpose. As of September 30, 2019 and March 31, 2019, management compared the cost of automobiles with their net realizable value and determined no inventory write-down was necessary for these automobiles.

PREPAYMENTS, RECEIVABLES AND OT

PREPAYMENTS, RECEIVABLES AND OTHER ASSETS	6 Months Ended
	Sep. 30, 2019
PREPAYMENTS, RECEIVABLES AND OTHER ASSETS
PREPAYMENTS, RECEIVABLES AND OTHER ASSETS	6. PREPAYMENTS, RECEIVABLES AND OTHER ASSETS As of September 30, 2019 and March 31, 2019, the prepayments, receivables and other assets were comprised of the following: September 30, 2019 March 31, 2019 (Unaudited) Due from automobile purchasers, net (i) $ 3,090,621 $ 2,564,834 Prepayments for automobiles (ii) 438,215 394,821 Deposits 435,853 294,986 Value added tax ("VAT") recoverable (iii) 370,004 228,196 Deferred issuance costs pursuant to Registration Statement on Form S-3 (iv) — 149,696 Prepaid expenses 270,592 112,147 Employee advances 106,492 — Others 32,406 48,788 Total $ 4,744,183 $ 3,793,468 (i) The balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of September 30, 2019 and March 31, 2019, the Company recorded allowance of $66,145 and $2,995, respectively, against doubtful receivables. (ii) The balance represented amounts advanced to dealers for automobiles and to other third parties for automobiles related taxes and insurances. (iii) The balance of VAT recoverable represented the amount to be utilized to offset the Company’s future VAT arising from sales of goods. (iv) On April 15, 2019, the Company’s Registration Statement on Form S-3 registering up to $80,000,000 in aggregate principal amount of its common stock, preferred stock, debt securities, warrants, rights and/or units were declared effective. The deferred issuance costs pursuant to Form S-3 represented the direct and incremental costs related to the registered direct offering closed on June 21, 2019. The deferred issuance costs were netted against the gross proceeds of the offering on the effective date of the offering.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Sep. 30, 2019
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	7. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: September 30, 2019 March 31, 2019 (Unaudited) Leasehold improvements $ 176,019 $ — Electronic devices 39,892 28,305 Office equipment, fixtures and furniture 77,751 48,157 Vehicles 215,014 81,523 Subtotal 508,676 157,985 Less: accumulated depreciation and amortization (83,419) (32,100) Total $ 425,257 $ 125,885 Depreciation and amortization expense for the three months ended September 30, 2019 and 2018 amounted to $30,494 and $3,015, respectively. Depreciation and amortization expense for the six months ended September 30, 2019 and 2018 amounted to $56,016 and $4,897, respectively.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended
	Sep. 30, 2019
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	8. INTANGIBLE ASSETS, NET Intangible assets consisted of the following: September 30, 2019 March 31, 2019 (Unaudited) Customer relationship $ — $ 392,618 Platform 1,090,388 1,161,267 Software 64,712 27,205 Subtotal 1,155,100 1,581,090 Less: Accumulated amortization (1,121,691) (1,284,999) Intangible assets, net $ 33,409 $ 296,091 Amortization expense totaled $11,414 and $86,791 for the three months ended September 30, 2019 and 2018, respectively. Amortization expense totaled $26,568 and $173,088 for the six months ended September 30, 2019 and 2018, respectively. The following table sets forth the Company’s amortization expense for the next five year ending: Amortization expenses Twelve months ending September 30, 2020 $ 8,167 Twelve months ending September 30, 2021 8,167 Twelve months ending September 30, 2022 8,167 Twelve months ending September 30, 2024 8,140 Thereafter 768 Total $ 33,409

PREPAYMENTS FOR INTANGIBLE ASSE

PREPAYMENTS FOR INTANGIBLE ASSETS	6 Months Ended
	Sep. 30, 2019
PREPAYMENTS FOR INTANGIBLE ASSETS
PREPAYMENTS FOR INTANGIBLE ASSETS	9. PREPAYMENTS FOR INTANGIBLE ASSETS As of September 30, 2019 and March 31, 2019, the balance of prepayments for intangible assets of $889,891 and $470,706, respectively, represented the advance payments for the development of software to be used in the Company’s online lending platform of $139,891 and $190,706, respectively, and the software to be used in the automobile transaction and related services of $750,000 and $280,000, respectively. The balance will be recognized as intangible assets and amortized over the estimated useful life upon the completion of installation and testing of the software.

BORROWINGS FROM FINANCIAL INSTI

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT	6 Months Ended
	Sep. 30, 2019
BORROWINGS FROM FINANCIAL INSTITUTIONS CURRENT AND NONCURRENT
BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT	10. BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT The borrowings from certain financial institutions represented the difference between the actual proceeds disbursed by the financial institutions to Jinkailong and the total principal to be responsible for and repaid by the automobile purchasers. Such borrowings totaled $278,499 and $396,946 bearing interest rates ranging between 6.2% and 8.1% per annum at September 30, 2019 and March 31, 2019, respectively, of which $72,724 and $177,789, respectively, is to be repaid over a period of 13 to 24 months. The interest expense for the three months ended September 30, 2019 and 2018 was $11,430 and $0, respectively. The interest expense for the six months ended September 30, 2019 and 2018 was $21,668 and $0, respectively.

BORROWINGS FROM THIRD PARTIES

BORROWINGS FROM THIRD PARTIES	6 Months Ended
	Sep. 30, 2019
BORROWINGS FROM THIRD PARTIES
BORROWINGS FROM THIRD PARTIES	11. BORROWINGS FROM THIRD PARTIES September 30, March 31, 2019 2019 Borrowings from third parties $ — $ 476,765 The borrowings from third parties were fully repaid in July 2019. The interest expense for the three months ended September 30, 2019 and 2018 was $0 and $0, respectively. The interest expense for the six months ended September 30, 2019 and 2018 was $12,655 and $0, respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Sep. 30, 2019
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	12. ACCRUED EXPENSES AND OTHER LIABILITIES September 30, March 31, 2019 2019 (Unaudited) Accrued payroll and welfare $ 714,331 $ 614,765 Other payable (i) 200,166 247,335 Loan repayments received on behalf of financial institutions (ii) 261,939 169,657 Payables for expenditures on automobile transaction and related services 238,878 157,382 Accrued expenses 41,575 198,456 Deposits 237,975 82,232 Other taxes payable 32,355 30,976 $ 1,727,219 $ 1,500,803 (i) The balance of other payable represented amount due to suppliers and vendors for operation purposes. (ii) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	6 Months Ended
	Sep. 30, 2019
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	13. EMPLOYEE BENEFIT PLAN The Company has made employee benefit contributions in accordance with relevant PRC regulations, including retirement insurance, unemployment insurance, medical insurance, housing fund, work injury insurance and maternity insurance. The Company has recorded the contribution in salary and employee charges when incurred. The contributions made by the Company were $84,121 and $80,228 for the three months ended September 30, 2019 and 2018, respectively. The contributions made by the Company were $191,677 and $129,046 for the six months ended September 30, 2019 and 2018, respectively. As of September 30, 2019 and March 31, 2019, the Company did not make adequate employee benefit contributions in the amount of $501,310 and $403,446. The Company accrued the amount in accrued payroll and welfare.

EQUITY

EQUITY	6 Months Ended
	Sep. 30, 2019
EQUITY
EQUITY	14. EQUITY Warrants IPO Warrants The registration statement relating to the Company’s IPO also included the underwriters’ common stock purchase warrants to purchase 337,940 shares of common stock ("Underwriter's Warrants"). Each five-year warrant entitles warrant holder to purchase one share of the Company’s common stock at the price of $4.80 per share and is not exercisable for a period of 180 days from March 16, 2018. On March 15, 2019, the underwriters elected to exercise 300,000 shares of the Purchase Warrants on a cashless basis in exchange for common stock. On April 5, 2019, the Company issued a total of 65,855 shares of common stock to the underwriters as a result of the cashless exercise of 300,000 Underwriter's Warrants. As the date of the issuance of these financial statements, there were 37,940 Underwriter's Warrants outstanding. Registered Direct Offering Warrants The Company adopted the provisions of ASC 815 on determining what types of instruments or embedded features in an instrument held by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in ASC 815. Warrants issued in connection with the direct equity offering with exercise prices denominated in US dollars are no longer considered indexed to the Company’s stock, as their exercise price is not in the Company’s functional currency (RMB), and therefore no longer qualify for the scope exception and must be accounted for as a derivative. These warrants are classified as liabilities under the caption “Derivative liabilities” in the unaudited condensed consolidated statements of balance sheets and recorded at estimated fair value at each reporting date, computed using the Black-Scholes valuation model. Changes in the liability from period to period are recorded in the consolidated statements of operations and comprehensive loss under the caption “Change in fair value of derivative liabilities.” The Company allocated the proceeds received between the common stock and warrants first to warrants based on the fair value on the date the proceeds were received with the balance to common stock. The value of the warrants was determined using the Black-Scholes valuation model using the following assumptions: volatility 86%; risk free interest rate 1.77%; dividend yield of 0% and expected term of 4 years of the Investor Series A Warrants, 1 year of the Series B Warrants, and 4 years of the Placement Warrants. The volatility of the Company’s common stock was estimated by management based on the historical volatility of its common stock, the risk free interest rate was based on Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants. The expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. The value of the warrants was based on the Company’s common stock closing price of $2.80 on the date the warrants were issued. Net proceeds were allocated as the follows: Warrants $ 3,150,006 Common stock 1,992,118 Total net proceeds $ 5,142,124 Subsequent to the initial recording, the change in the fair value of the warrants, determined under the Black-Scholes valuation model, at each reporting date will result in either an increase or decrease the amount recorded as liability, based on the fluctuations with the Company’s stock price with a corresponding adjustment to other income (or expense). During the three and six months ended September 30, 2019, the change of fair value was $1,998,202 and $1,994,806, respectively, was recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the decrease in fair value of the liabilities since granted. The fair value of derivative instrument of $961,631 was allocated to additional paid-in-capital upon exercise of warrants as of the exercise date. At September 30, 2019, the fair value of the derivative instrument totaled $193,569. The Company has outstanding warrants as following: Weighted Average Average Remaining Warrants Warrants Exercise Contractual Outstanding Exercisable Price Life Balance, March 31, 2018 337,940 337,940 $ 4.80 4.96 Granted — — — — Forfeited — — — — Exercised (300,000) (300,000) $ 4.80 — Balance, March 31, 2019 37,940 37,940 $ 4.80 3.96 Granted 2,594,850 2,594,850 $ 3.70 4.00 Forfeited — — — — Exercised (964,741) (964,741) — — Balance, September 30, 2019 1,668,049 1,668,049 $ 3.38 3.72 Restricted Stock Units On July 31, 2018, the board of directors of the Company approved the issuance of 5,000 restricted stock units (“RSUs”) to each of the five directors as stock compensation for their services for the Company’s fiscal year ending March 31, 2019. Total RSUs granted to the five directors were 25,000 for an aggregate fair value of $117,750. Pursuant to the Restricted Stock Unit Award Agreements (“Award Agreements”) on August 3, 2018, the RSUs vest in four equal quarterly installments on August 3, 2018, April 1, 2019, July 1, 2019 and October 1, 2019 or in full upon the occurrence of a change in control of the Company, subject to the terms and conditions set forth in the Award Agreements, provided that the director remains in service as a director through the applicable vesting date. The RSUs will be settled by the Company’s issuance of shares of common stock in certificated or uncertificated form upon the earlier of (i) a change in control and (ii) the director’s cessation as a director of the Company due to a “separation of service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, or the director’s death or disability. As of March 31, 2019, the first installment of RSUs vested and the Company accounted for the vested RSUs as an addition to both expenses and additional paid-in capital. The fair value of the vested RSUs is calculated at the grant date market price of the Company’s common stock multiplying by the number of vested shares. A summary of RSU activity for the year ended March 31, 2019 and for the six months ended September 30, 2019 is as follows: Weighted-Average Grant Date Fair Number of Shares Value Balance of RSUs outstanding at March 31, 2018 — $ — Grants of RSUs 25,000 $ 4.42 Vested RSUs (6,250) $ 4.42 Forfeited RSUs (7,500) $ 4.42 Balance of unvested RSUs at March 31, 2019 11,250 $ 4.42 Grants of RSUs — — Vested RSUs (7,500) $ 4.42 Forfeited RSUs — — Balance of unvested RSUs at September 30, 2019 (Unaudited) 3,750 $ 4.42 Total compensation expense for the three months ended September 30, 2019 and 2018 was $0. Total compensation expense for the six months ended September 30, 2019 and 2018 was $16,575 and $0, respectively. Two directors ceased to serve on the board since November 8, 2018, and as a result 7,500 RSUs were forfeited during the year ended March 31, 2019. The other three directors remained on the board and the Company had an aggregate of 3,750 and 11,250 of unrecognized RSUs as of September 30, 2019 and March 31, 2019, respectively, to be expensed over a weighted average period of six and three months , respectively. Equity Incentive Plan At the 2018 Annual Meeting of Stockholders of the Company held on November 8, 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan for employees, officers, directors and consultants of the Company and its affiliates. A committee consisting of at least two independent directors appointed by the board of directors or in the absence of such a committee, the board of directors, will be responsible for the general administration of the Equity Incentive Plan. All awards granted under the Equity Incentive Plan will be governed by separate award agreements between the Company and the participants. As of the date of this report, no awards have been granted under the plan. Registered Direct Offering On April 15, 2019, the SEC declared effective the Company’s Registration Statement on Form S-3, pursuant to which, along with the accompanying prospectus, the Company registered up to $80,000,000 in aggregate principal amount of its common stock, preferred stock, debt securities, warrants, rights and/or units. On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of its common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock and (iii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock. The Company sold the shares of common stock at a price of $3.38 per share (the “Share Purchase Price”). The Company received gross proceeds from the offering, before deducting estimated offering expenses payable by the Company, of approximately $6,000,000. The Series A warrants are exercisable immediately upon issuance at an exercise price of $3.72 per share and will expire on the fourth (4th) anniversary of the original issue date. The Series B warrants are pre-funded warrants and are being issued as a true-up with respect to the shares of common stock. The maximum aggregate number of shares of common stock issuable upon exercise of the Series B warrants is 1,116,320. Initially, the Series B warrants shall not be exercisable for any shares of common stock. In the event that on the fiftieth (50th) day after the closing date (the “Adjustment Measuring Time”), the closing price of the common stock is less than the Share Purchase Price, then the number of shares of common stock issuable upon exercise of the Series B warrants shall be adjusted (upward or downward, as applicable) to the greater of (i) zero (0) and (ii) such aggregate number of shares of common stock equal to fifty percent (50%) of the difference of (A) the quotient of (x) the Share Purchase Price divided by (y) the Market Price (as defined in Purchase Agreement) as of the Adjustment Measuring Time, less (B) the aggregate number of shares of common stock issued to the investors at the closing (as adjusted for share splits, share dividends, share combinations, recapitalizations and similar events). In August 2019, the Company issued an aggregate of 964,741 shares of common stock to certain investors in the June 2019 offering upon exercise of the pre-funded Series B warrants for a total consideration of $96.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2019
INCOME TAXES
INCOME TAXES	15. INCOME TAXES The United States of America The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income taxes. The State of Nevada does not impose any state corporate income tax. The Company's net operating loss for the six months ended September 30, 2019 amounted to approximately $569,000. As of September 30, 2019, the Company’s net operating loss carryforward for U.S. income taxes was approximately $1.9 million. The net operating loss carryforward is available to reduce future years’ taxable income through year 2039. Management believes that the utilization of the benefit from this loss appears uncertain due to the Company’s operating history. Accordingly, the Company has recorded a 100% valuation allowance on the deferred tax asset to reduce the deferred tax assets to zero on the consolidated balance sheets. As of September 30, 2019 and March 31, 2019, valuation allowances for deferred tax assets were approximately $0.39 million and $0.27 million, respectively. Management reviews the valuation allowance periodically and makes changes accordingly. PRC Senmiao Consulting, Sichuan Senmiao , Hunan Ruixi, Ruixi Leasing, Jinkailong, and Yicheng are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws. The EIT rate for companies operating in the PRC is 25%. Income taxes in the PRC are consist of: For the Three Months Ended September 30, For the Six Months Ended September 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current income tax expenses $ 4,457 $ — $ 105,598 $ — Deferred income tax expenses $ — $ — $ — $ — Total income tax expenses $ 4,457 $ — $ 105,598 $ — As of September 30, 2019 and March 31, 2019, the Company’s PRC entities had net operating loss carryforwards of approximately $4.4 million and $4.8 million, respectively, which will expire in 2023. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. At September 30, 2019 and March 31, 2019, full valuation allowance is provided against the deferred tax assets based upon management’s assessment as to their realization. The tax effects of temporary differences from continuing operations that give rise to the Company’s deferred tax assets are as follows: September 30, 2019 March 31, 2019 (Unaudited) Net operating loss carryforwards in the PRC $ 1,092,914 $ 886,176 Net operating loss carryforwards in the U.S. 391,710 272,258 Less: valuation allowance (1,484,624) (1,158,434) $ — $ —

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	6 Months Ended
	Sep. 30, 2019
RELATED PARTY TRANSACTIONS AND BALANCES
RELATED PARTY TRANSACTIONS AND BALANCES	16. RELATED PARTY TRANSACTIONS AND BALANCES 1. 1) As of September 30, 2019, due from Mashang Chuxing was $82,647 and represented the fund Yicheng provided to support its operation since August 2019. Other balances due from related parties were $53,943 and represented operation costs of four related parties paid by the Company on their behalf, amounts received by the Company on behalf of a related party for refund of insurance claims, and amounts collected by a related party on behalf of the Company from the automobile purchasers, including certain installment payments and facilitation fees. The balances due from related parties were all non-interest bearing and due on demand. 2) This is comprised of amounts payable to two stockholders and are unsecured, interest free and due on demand. September 30, March 31, 2019 2019 (Unaudited) Jun Wang $ 72,707 $ 107,233 Xiang Hu 52,721 972,814 Total $ 125,428 $ 1,080,047 3) September 30, March 31, 2019 2019 (Unaudited) Loan payable to related parties (i) $ 447,653 $ 95,781 Other payables due to related parties (ii) 221,044 297,978 Others — 22,172 $ 668,697 $ 415,931 (i) As of September 30, 2019 and March 31, 2019, the balances represented borrowings from three and two related parties, respectively. $41,967 of the balances as of September 30, 2019 is unsecured, interest free and due in the fiscal year of 2020 while $405,685 of the balance bears an interest rate of 9% per annum and was fully paid in October 2019. The balance as of March 31, 2019 bore an interest rate of 10% per annum and is due in the fiscal year of 2020. (ii) As of March 31, 2019, the balance represented borrowings from two related parties, who obtained borrowings from the online P2P lending platform of Sichuan Senmiao and then loaned the money to Jinkailong. The balance bore an interest rate of 8.22% per annum and was fully repaid in April 2019. Interest expense for the three months ended September 30, 2019 and 2018 were $14,395 and $0, respectively. Interest expense for the six months ended September 30, 2019 and 2018 were $28,022 and $0, respectively. 2. In December 2017, the Company entered into loan agreements with two stockholders, who agreed to grant lines of credit of approximating $955,000 and $159,000, respectively, to the Company for five years. The lines of credit are non-interest bearing, effective from January 2017. As of September 30, 2019, the outstanding balances were $52,721 and $72,707, respectively. The Company entered into two office lease agreements which expire on January 1, 2020. On April 1, 2018, the two office leases were modified with the leasing term from April 1, 2018 to March 31, 2021. For the three months ended September 30, 2019 and 2018, the Company paid $27,578 and $28,952, respectively, to the stockholder in rental expenses. For the six months ended September 30, 2019 and 2018, the Company paid $55,156 and $57,904 in rent, respectively, to the stockholder. In November 2018, Hunan Ruixi entered into an office lease agreement with Hunan Dingchentai Investment Co., Ltd. ("Dingchentai"), a company where one of our independent directors serves as legal representative and general manager. The term of the lease agreement was from November 1, 2018 to October 31, 2023 and the rent was approximately $44,250 per year, payable on a quarterly basis. The original lease agreement with Dingchentai was terminated on July 1, 2019. The Company entered into another lease with Dingchentai on substantially similar terms on September 27, 2019. For the six months ended September 30, 2019 and 2018, the Company paid $10,455 and $0 in rent, respectively, to Dingchentai. Before the acquisition of Hunan Ruixi, five related parties of Jinkailong borrowed funds of $747,647 through the online P2P lending platform of Sichuan Senmiao and then loaned the money to Jinkailong. As of March 31, 2019, the outstanding balance was $297,978. During the three months ended June 30, 2019, Jinkailong repaid all of the loans. Those loans bore interest rates ranging from 7.68% to 8.22% per annum and the interest expense for the three and six months ended September 30, 2019 and 2018 was $12,353 and $0, respectively.

LEASE

LEASE	6 Months Ended
	Sep. 30, 2019
LEASE
LEASE	17. LEASE Effective January 1, 2019, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the package of practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The impact of the adoption of the ASC 842, as of April 1, 2019, the Company recognized approximately $246,227 ROU assets and approximately $247,325 lease liabilities, primarily related to leases of facilities. The ROU and lease liabilities are determined based on the present value of the future minimum rental payments of the lease as of the adoption date, using an effective interest rate of 6.0%, which is determined using an incremental borrowing rate with similar term in the PRC. The average remaining lease term of its existing leases is 2.31 years. The adoption of this standard resulted in the recording of operating lease assets and operating lease liabilities as of April 1, 2019, with no related impact on the Company's unaudited condensed consolidated statement of changes in stockholders' equity or consolidated statements of operations and comprehensive loss. The Company occupies various offices under operating lease agreements with a term shorter than 12 months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Rental expenses totaled $126,438 and $26,280 for the three months ended September 30, 2019 and 2018, respectively. Rental expenses totaled $209,176 and $66,369 for the six months ended September 30, 2019 and 2018, respectively. The following table sets forth the Company’s minimum lease payments in future periods: Lease payments Twelve months ending September 30, 2020 $ 361,839 Twelve months ending September 30, 2021 215,372 Twelve months ending September 30, 2022 120,825 Twelve months ending September 30, 2023 118,092 Twelve months ending September 30, 2023 40,042 Total lease payments 856,170 Less: discount (84,279) Present value of lease liabilities $ 771,891

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of September 30, 2019, the Company had multiple outstanding purchase contracts with various automobile dealers for the purchase of a total 115 automobiles for an aggregate purchase price of approximately $1.3 million. From October 1, 2019 through the date of issuance of these financial statements, the Company entered into two contracts with an automobile dealer for the purchase of a total of four automobiles for an aggregate purchase price of approximately $72,000. These purchase transactions are expected to be completed by the end of 2019. Contingencies In measuring the credit risk of guarantee services to automobile purchasers, the Company primarily reflects the “probability of default” by the automobile purchasers on its contractual obligations and considers the current financial position of the automobile purchasers and its likely future development. The Company manages the credit risk of automobile purchasers by performing preliminary credit checks of each automobile purchaser and ongoing monitoring every month. By using the current credit loss model, management is of the opinion that the Company is bearing the credit risk to repay the principal and interests to the financial institutions if automobile purchasers default on their payments for more than three months. Management also periodically re-evaluates probability of default of automobile purchasers to make adjustments in the allowance when necessary. However, as the Company commenced the automobile transaction and related services for less than one year, there was no sufficient historic default data and other information to make an estimate on the expected credit losses. Historically, most of the automobile purchasers would pay the Company their previous defaulted amounts within one to three months. For the six months ended September 30, 2019, the Company did not provide provisions for the guarantee services. As of September 30, 2019, the maximum contingent liabilities the Company exposed to would be approximately $18,099,000 if all the automobile purchasers defaulted, among which approximately $668,000 would be due to investors of online lending platform operated by Sichuan Senmiao. Automobiles are used as collateral to secure the payment obligations of the automobile purchasers under the financing agreements. The Company estimated the fair market value of the collateral to be approximately $14,668,000 as of September 30, 2019, based on the market price and the useful life of such collateral, which represents about 81.0% of the contingent liabilities.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Sep. 30, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	19. SEGMENT INFORMATION The Company presents segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The following tables present the summary of each segment's revenue, loss from operations, loss before income taxes and net loss which is considered as a segment operating performance measure, for the three and six months ended September 30, 2019: For the Three Months Ended September 30, 2019 Automobile Online Lending Transaction and Services Related Services Unallocated Consolidated Revenues $ 35,879 $ 5,885,287 $ — $ 5,921,166 Income / (loss) from operations $ (735,463) $ 200,113 $ (268,951) $ (804,301) Income / (loss) before income taxes $ (729,345) $ 145,822 $ 1,729,339 $ 1,145,816 Net income (loss) $ (729,345) $ 141,365 $ 1,729,339 $ 1,141,359 For the Six Months Ended September 30, 2019 Automobile Online Lending Transaction and Services Related Services Unallocated Consolidated Revenues $ 117,756 $ 10,897,850 $ — $ 11,015,606 Income / (loss) from operations $ (1,207,808) $ 615,715 $ (608,306) $ (1,200,399) Income / (loss) before income taxes $ (1,182,615) $ 537,314 $ 1,386,824 $ 741,524 Net income (loss) $ (1,182,615) $ 431,716 $ 1,386,824 $ 635,926 Details of the Company's revenue by segment are set out in Note 2(p). As of September 30, 2019 and March 31, 2019, the Company’s total assets were $781,348 and $1,695,391, respectively, for online lending services, $13,378,207 and $7,580,070, respectively, for automobile transaction and related services, and $1,485,776 and $3,038,674, respectively, unallocated. As substantially all of the Company's long-lived assets are located in the PRC and substantially all of the Company's revenue is derived from within the PRC, no geographical information is presented.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS On October 17, 2019, the Board of Directors of the Company (the “Board”) approved a plan (the “Plan”)submitted by management, to wind down and discontinue the Company’s online lending services. The Company has determined that the continued operation of its online lending services is not viable in light of the recently tightened regulations on online peer-to-peer lending in China generally and the unofficial request from local regulator to reduce the Company’s online peer-to-peer lending transaction volume on a monthly basis. The Company has also determined that the discontinuation of its online lending services would allow the Company to focus its resources on its automobile financing facilitation and transaction business (the “Auto Business”). In connection with the Plan, the Company will cease facilitation of loan transactions on its online lending platform and assume all the outstanding loans from lenders on the platform. The aggregate balance of the loans the Company expects to assume is approximately $5.6 million. The Company expects to use cash generated from its Auto Business and payments collected from borrowers to fully repay all platform lenders by December 31, 2020. As part of the Plan, the Company expects to continue to employ certain employees who currently work on its online lending services, primarily the information technology staff, to provide a website design and development service for companies located in Chengdu City (although the Company does not expect this new service to generate meaningful revenues in the near term). The Company also plans to transfer approximately ten online lending services employees to focus on its Auto Business, and further expects to terminate certain employees of its online lending services by December 31, 2020, but is unable to determine the number at this time. The estimated costs associated with the discontinuation of the online lending services will be primarily comprised of employee severance and benefits expenses and an allowance for bad debt (i.e., debt that cannot be collected for borrowers on the Company’s lending platform, which would be used to repay the lenders on the platform). The Company estimates that it will incur a one-time personnel-related charges of no more than $20,000 for employee severance and other related termination benefits. Severance payments are expected to be paid in full by December 31, 2020. However, the amount and timing of the actual allowance for bad debt may change based on evidence of collectability of the subject loans. As of the date of the financial statements, the Company is unable in good faith to make an estimate of the aggregate costs it expects to incur in connection with the discontinuation of its online lending services.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	(a) The accompanying interim unaudited condensed consolidated financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim financial information as of September 30, 2019 and for the six months ended September 30, 2019 and 2018 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with U.S. GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10‑K for the fiscal year ended March 31, 2019, which was filed with the SEC on July 5, 2019. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of September 30, 2019, its unaudited results of operations for the three and six months ended September 30, 2019 and 2018, and its unaudited cash flows for the six months ended September 30, 2019 and 2018, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Basis of consolidation	(b) The unaudited condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of the subsidiaries and VIEs. All inter-company accounts and transactions have been eliminated in consolidation.
Foreign currency translation	(c) Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company and its subsidiaries and VIEs is U.S. dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the functional currency of the economic environment in which its operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries and VIEs are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: September 30, 2019 March 31, 2019 Balance sheet items, except for equity accounts 7.1484 6.7119 For the Three Months Ended September 30, 2019 2018 Items in the statements of operations and comprehensive loss 7.0170 6.8127 For the Six Months Ended September 30, 2019 2018 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.9209 6.5925
Use of estimates	(d) In presenting the unaudited condensed consolidated financial statements in accordance with U. S. GAAP, management make estimates and assumptions that affect the amounts reported and related disclosures . Estimates, by their nature, are based on judgement and available information. Accordingly, actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, lease classification and liabilities, finance lease receivables, inventory obsolescence, right-of-use assets, determinations of the useful lives and valuation of long-lived assets, estimates of allowances for doubtful accounts and prepayments, estimates of impairment of intangible assets, valuation of deferred tax assets, estimated fair value used in business acquisitions, valuation of derivative liabilities, allocation of fair value of derivative liabilities issuance of common stock and warrants exercised and other provisions and contingencies.
Fair values of financial instruments	(e) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. The three levels of valuation hierarchy are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2019: Carrying Value at Fair Value Measurement at September 30, 2019 September 30, 2019 (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities $ 193,569 $ — $ $ 193,569 The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the six months ended September 30, 2019: September 30, 2019 Beginning balance $ — Derivative liabilities recognized at grant date on June 20, 2019 3,150,006 Change in fair value of derivative liabilities (1,994,806) Warrant exercised (961,631) Ending balance $ 193,569 On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock, (ii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock and (iii) placement agent warrants to purchase up to 142,509 shares of common stock. Those Warrant shares' strike price is denominated in US$ and the Company's functional currency is RMB, therefore, those warrant shares are not considered indexed to the Company's own stock which should be classified as derivative liability. The Company's warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date) and September 30, 2019. June 20, 2019 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 1,116,320 142,509 Valuation date 6/20/2019 6/20/2019 6/20/2019 Exercise price $ 3.72 $ 3.72 $ 3.38 Stock price $ 2.80 $ 2.80 $ 2.80 Expected term(year) 4.00 1.00 4.00 Risk-free interest rate 1.77 % 1.77 % 1.77 % Expected volatility 86 % 86 % 86 % September 30, 2019 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 151,579 142,509 Valuation date 9/30/2019 9/30/2019 9/30/2019 Exercise price $ 3.72 $ 0.0001 $ 3.38 Stock price $ 0.37 $ 0.37 $ 0.37 Expected term(year) 3.72 0.72 3.72 Risk-free interest rate 1.56 % 1.79 % 1.56 % Expected volatility 98 % 98 % 98 % As of September 30, 2019 and March 31, 2019, financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, accounts receivable, finance lease receivables and other assets, escrow receivables, due from related parties, borrowings from financial institutions, other liabilities, due to stockholders and due to related parties and affiliates, which approximate their fair values because of the short-term nature of these instruments, and noncurrent liabilities of borrowings from financial institutions, which approximate their fair values because of the stated loan interest rate to the rate charged by similar financial institutions. The finance lease receivables were recorded at gross adjusted for the deferred interest income using the effective interest rate method. The Company believes that the effective interest rates underlying the finance lease receivables approximate current market rates for such finance leasing products as of September 30, 2019. Other than as listed above, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value.
Business combinations and noncontrolling interests	f) The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated income statements. For the Company’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to noncontrolling interests are also recorded as noncontrolling interests in the Company’s consolidated balance sheets and consolidated statements of operations and comprehensive loss. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows.
Segment reporting	(g) Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company’s management team. Historically, the Company had one single operating and reportable segment, namely the provision of an online lending services. During the year ended March 31, 2019, the Company acquired Hunan Ruixi and Jinkailong and evaluated how the CODM manages the businesses of the Company to maximize efficiency in allocating resources and assessing performance. Consequently, the Company presents two operating and reportable segments as set forth in Notes 2 (p) and 19.
Cash and cash equivalents	(h) Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.
Accounts receivable, net	(i) Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, and are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2019 and March 31, 2019, allowance for doubtful accounts amounted to $95,111 and $0, respectively.
Inventories	(j) Inventories consist of automobiles which are held primarily for sale and for leasing purposes, and are stated at lower of cost or net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances.
Finance lease receivables, net	(k) Finance lease receivables, which result from sales-type leases, are measured at discounted present value of (i) future minimum lease payments, (ii) any residual value not subject to a bargain purchase option as a finance lease receivables on its balance sheet and (iii) accrued interest on the balance of the finance lease receivables based on the interest rate inherent in the applicable lease over the term of the lease. Management also periodically evaluates individual customer's financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Finance lease receivables is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2019, the Company determined no allowance for doubtful accounts was necessary for finance lease receivables. As of September 30, 2019 and March 31, 2019, finance lease receivables consisted of the following: September 30, March 31, 2019 2019 (Unaudited) Gross minimum lease payments receivable $ 1,494,882 $ 40,023 Less: Amounts representing estimated executory costs — — Minimum lease payments receivable 1,494,882 40,023 Less Allowance for uncollectible minimum lease payments receivable — — Net minimum lease payments receivable 1,494,882 40,023 Estimated residual value of leased automobiles — — Less: Unearned interest (390,349) (7,471) Financing lease receivables, net $ 1,104,533 $ 32,552 Finance lease receivables, net, current portion $ 371,264 $ 10,254 Finance lease receivables, net, long-term portion $ 733,269 $ 22,298 Future scheduled minimum lease payments for investments in sales-type leases as of September 30, 2019 are as follows: Minimum future payments receivable Twelve months ending September 30, 2020 $ 481,297 Twelve months ending September 30, 2021 467,494 Twelve months ending September 30, 2022 392,654 Twelve months ending September 30, 2023 153,437 Total $ 1,494,882
Property and equipment	(l) Property and equipment primarily consists of computer equipment, which is stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the estimated useful life. The useful life of property and equipment is summarized as follows: Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment 2 - 5 years Office equipment 3 - 5 years Automobiles 4 years The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the six months ended September 30, 2019 and 2018, there was no impairment of property and equipment. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated income statements.
Intangible assets	(m) Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Categories Useful life Platform 7 years Customer relationship 10 years Software 5‑7 years Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the three and six months ended September 30, 2019 there was a $266,534 impairment on customer relationship from Sichuan Senmiao as a result of the Company’s decision to discontinue the P2P lending business in October 2019. For the three and six months ended September 30, 2018, there was no impairment of intangible assets.
Earnings (loss) per share	(n) Basic earnings (loss) per share is computed by dividing net loss attributable to stockholders by the weighted average number of outstanding shares of common stock, adjusted for outstanding shares of common stock that are subject to repurchase. For the calculation of diluted earnings (loss) per share, net income (loss) attributable to stockholders for basic earnings (loss) per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net earnings (loss) per share if their inclusion is anti-dilutive.
Derivative liabilities	(o) A contract is designated as an asset or a liability and is carried at fair value on a company's balance sheet, with any changes in fair value recorded in a company's results of operations. The Company then determines which options, warrants and embedded features require liability accounting and records the fair value as a derivative liability. The changes in the values of these instruments are shown in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as "change in fair value of derivative liabilities".
Revenue recognition	(p) The Company adopted ASC 606, Revenue from Contracts with Customers (“ASC 606 ") on April 1, 2019 using the modified retrospective approach. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of ASC 606 and therefore there was no material changes to the Company’s consolidated financial statements upon adoption of ASC 606. As of September 30, 2019, the Company had outstanding contracts for automobile transaction and related services amounting to $1,552,934, of which $596,797 is expected to be completed within 12 months after September 30, 2019, and $956,137 is expected to be completed after September 30, 2020. Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Six Months Ended September 30, September 30, 2019 2018 2019 2018 Automobile Transaction and Related Services - Revenues from sales of automobiles $ 4,886,518 $ — $ 8,866,629 $ — - Service fees from automobile purchase services 600,684 — 1,257,010 — - Facilitation fees from automobile transactions 41,764 — 143,263 — - Service fees from management and guarantee services 97,840 — 184,655 — - Financing revenues 47,121 — 61,264 — - - Other service fees 211,360 — 385,029 — Online Lending Services - Transaction fees 13,479 65,021 70,454 180,885 - Service fees 8,313 6,487 21,857 15,649 - Website development revenue 14,087 — 25,445 — Total revenues $ 5,921,166 $ 71,508 $ 11,015,606 $ 196,534 Automobile transaction and related services Sales of automobiles –The Company generates revenue from sales of automobiles to the customers of Jinkailong, Hunan Ruixi and Mashang Chuxing. The control over the automobile is transferred to the purchaser along with the delivery of automobile. The amount of the revenue is based on the sale price agreed by Hunan Ruixi or Yicheng and the counterparties, including Jinkailong and Mashang Chuxing, who acts on behalf of its customers. The Company recognizes revenues when the automobile is delivered and control is transferred to the purchaser. Service fees from automobile purchase services – Services fees from automobile purchase services are paid by automobile purchasers for a series of the services provided to them throughout the purchase process such as credit assessment, preparation of financing application materials, assistance with closing of financing transactions, license and plate registration, payment of taxes and fees, purchase of insurance, installment of GPS devices, ride-hailing driver qualification and other administrative procedures. The amount of these fees is based on the sales price of the automobiles and relevant services provided. The Company recognizes revenue when all the services are completed and the automobile is delivered to the purchaser. Facilitation fees from automobile transactions – Facilitation fees from automobile purchase transactions are paid by the Company’s customers including third-party sales teams or the automobile purchasers for the facilitation of the sales and financing of automobiles. The Company attracts automobile purchasers through third-party sales teams or its own sales department. For the sales facilitated between third-party sales teams and automobile purchasers, the Company charges the fees to the third-party sales teams, which derived from the commission paid by the automobile purchasers to the third-party sales teams. Relating to sales facilitated between automobile purchasers and dealers, the Company charges the fees to the automobile purchasers. The Company recognizes revenue from facilitation fees when the titles are transferred to the purchasers. The amount of fees is based on the type of automobile and negotiation with each sales team or automobile purchaser. The fees charged to third-party sales teams or automobile purchasers are paid before the automobile purchase transactions are consummated. These fees are non-refundable upon the delivery of automobiles. Service fees from management and guarantee services – Over 95% of the Company’s customers are drivers of Didi Chuxing Technology Co., Ltd., the largest ride-hailing service platform in China. The drivers sign affiliation agreements with the Company, pursuant to which the Company provides them with management and guarantee services during the affiliation period. Service fees for management and guarantee services are paid by such automobile purchasers on a monthly basis for the management and guarantee services provided during the affiliation period. The Company recognizes revenue over the affiliation period when performance obligations are completed. Financing revenues – Interest income from the lease arising from the Company’s sales-type leases and bundled lease arrangements is recognized as financing revenues over the lease term based on the effective rate of interest in the lease. Lease On April 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update, as well as additional amendments and targeted improvements issued in 2018 and early 2019, supersedes existing lease accounting guidance found under ASC 840, Leases (“ASC 840”). The accounting for lessors does not fundamentally change with this update except for changes to conform and align guidance to the lessee guidance, as well as to the revenue recognition guidance in ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606). Some of these conforming changes, such as those related to the definition of lease term and minimum lease payments, resulted in certain lease arrangements, that would have been previously accounted for as operating leases, to be classified and accounted for as sales-type leases with a corresponding up-front recognition of automobile sales revenue when the lessee obtained control over the automobile. The two primary accounting provisions the Company uses to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Automobile included in arrangements meeting these conditions are accounted for as sales-type leases. Interest income from the lease is recognized in financing revenues over the lease term. Automobile included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. The Company excludes from the measurement of its lease revenues any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. The Company consider the economic life of most of the automobiles to be three to four years, since this represents the most common lease term for its automobiles and the automobiles will be used for ride-hailing services. The Company believes three to four years is representative of the period during which an automobile is expected to be economically usable, with normal service, for the purpose for which it is intended. A portion of the Company’s direct sales of automobile to end customers are made through bundled lease arrangements which typically include automobile, services (automobile purchase services, facilitation services, and management and guarantee services) and financing components where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. Revenues under these bundled lease arrangements are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement and the financing components. Lease deliverables include the automobile and financing, while the non-lease deliverables generally consist of the services and repayment of advanced fees made on behalf of its customers. The Company considers the fixed payments for purposes of allocation to the lease elements of the contract. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed lease payments that the customer is obligated to make over the lease term. Amounts allocated to the automobile and financing elements are then subjected to the accounting estimates under ASC 842 to ensure the values reflect standalone selling prices. The remainder of any fixed payments are allocated to non-lease elements (automobile purchase services, facilitation fees, and management and guarantee services), for which these revenues are recognized in a manner consistent with the guidance for service fees from automobile purchase services, facilitation fees from automobile transactions, and service fees from management and guarantee services as discussed above. The Company’s lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon the local prevailing rates in the marketplace where its customer will be able to obtain an automobile loan under similar terms from the bank. The Company reassess its pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. As of September 30, 2019, the Company's pricing interest rate was 6.0% per annum. Online P2P Lending Services Transaction fees – Under the Company’s now discontinued P2P lending business, transaction fees were paid by borrowers to the Company for the work the Company performed through its platform. The amount of these fees was based upon the loan amount and the maturity date of the loan. The fees charged to borrowers were paid upon (i) disbursement of the proceeds for loans which accrued interest on a monthly basis or (ii) full payment of principal and interest of loans which accrued interest on a daily basis. These fees were non-refundable upon the issuance of loan. The Company recognized revenue when loan proceeds were disbursed to borrowers or borrowers paid their principal and interest on loans. Service fees – The Company charged investors service fees on their actual return of investment (interest income). The Company generally received the service fees upon the investors’ receipt of their investment returns. The Company recognized revenue when loans were repaid and investors received their investment income. Website development revenues – Revenue allocated to website development services is recognized as the service is performed over time using the Company’s efforts or inputs to the satisfaction of a performance obligation using an input measure method, under which the total value of revenue is recognized on the basis of the percentage that total cost to date bears to the total expected costs. The Company considers labor costs and related outsource labor costs for the input measurement as the best available indicator of the progress, pattern and timing in which contract obligations are fulfilled. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. In instances where substantive acceptance provisions are specified in customer contracts, revenues are deferred until all acceptance criteria have been met. To date, the Company has not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes probable and can be reasonably estimated. The Company generally does not enter into arrangements with multiple deliverables for website development services contracts. If the deliverables have standalone value at contract inception, the Company accounts for each deliverable separately.
Income taxes	(q) Deferred income tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provisions or benefits for income taxes consists of tax estimated from taxable income plus or minus deferred tax expenses (benefits) if applicable. Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of September 30, 2019 and March 31, 2019. As of September 30, 2019, the calendar years ended December 31, 2013 through 2018 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities.
Comprehensive income ( loss)	(r) Comprehensive income (loss) includes net income (loss) and foreign currency adjustments. Comprehensive income (loss) is reported in the consolidated statements of operations and comprehensive income (loss). Accumulated other comprehensive loss, as presented on the consolidated balance sheets are the cumulative foreign currency translation adjustments.
Share-based awards	(s) Share-based awards granted to the Company’s employees are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are required, or (ii) using the accelerated attribution method, net of estimated forfeitures, over the requisite service period. The fair value of restricted shares is determined with reference to the fair value of the underlying shares. At each date of measurement, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards granted by the Company, including but not limited to the fair value of the underlying shares, expected life, expected volatility and expected forfeiture rates. The Company is required to consider many factors and make certain assumptions during this assessment. If any of the assumptions used to determine the fair value of the share-based awards changes significantly, share-based compensation expense may differ materially in the future from that recorded in the current reporting period.
Leases	(t) Prior to March 31, 2019, leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases expense and is included in the consolidated statements of operations on a straight-line basis over the term of the leases. The Company had no capital lease commitments for the six months ended September 30, 2019. On April 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update supersedes existing lease accounting guidance found under ASC 840, Leases (“ASC 840”) and requires the recognition of right-of-use (“ROU”) assets and lease obligations (“lease liabilities”) by lessees for those leases currently classified as operating leases under existing lease guidance. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Short term leases with a term of 12 months or less are not required to be recognized. The Company did not have any financing lease for the six months ended September 30, 2019. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease a single lease component. The impact of the adoption of the ASC 842, as of April 1, 2019, the Company recognized approximately $246,227 ROU assets and approximately $247,325 lease liabilities, primarily related to operating leases of facilities. The adoption of this standard resulted in the recording of operating lease assets and operating lease liabilities as of April 1, 2019, with no related impact on the Company's unaudited condensed consolidated statement of changes in stockholders' equity or consolidated statements of operations and comprehensive loss. Operating lease ROU assets and lease liabilities are recognized at the adoption date of April 1, 2019 or the commencement date, whichever is earlier, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally consider the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.
Significant risks and uncertainties	(u) 1) Credit risk a. Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of these assets to credit risk is their carrying amount as of the balance sheet dates. On September 30, 2019 and March 31, 2019, approximately $617,000 and $1,950,000, respectively, was deposited with a bank in the United States which is insured by the U.S. government up to $250,000. On September 30, 2019 and March 31, 2019, approximately $1,905,000 and $3,070,000, respectively, were deposited in financial institutions located in mainland China, which were insured by the government authority. Under the Deposit Insurance System in China, a company’s deposits at one bank is insured for a maximum of approximately $70,000 (RMB500,000). To limit exposure to credit risk relating to deposits, the Company primarily place cash deposits with large financial institutions in China which management believes are of high credit quality. The Company’s operations are carried out in mainland China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced by changes in government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation and other factors. b. In measuring the credit risk of accounts receivables due from the automobile purchasers (the "customers"), the Company mainly reflects the “probability of default” by the customer on its contractual obligations and considers the current financial position of the customer and the risk exposures to the customer and its likely future development. However, as the Company commenced the automobile transaction and related services for less than one year since November 2018, there was limited historic default data and other information to make an estimate on the expected credit losses. Historically, most of the automobile purchasers would pay the Company their previously defaulted amounts within one to three months. As a result, the Company would provide full provisions on accounts receivable if the customers default on repayments for over three months. In measuring the credit risk of accounts receivables due from the borrowers and investors (the “P2P customers”), the Company mainly reflects the “probability of default” by the P2P customer on its contractual obligations and considers the current financial position of the P2P customer and the risk exposures to the P2P customer and its likely future development. Historically, most of the borrowers would pay the transaction fee within one year upon (i) disbursement of the proceeds for loans or (ii) full payment of principal and interest of loan. Most of investors will pay the service fee within one year upon receipt of their investment returns. As a result, the company will provide full provisions on accounts receivable if the P2P customers default on repayments for over one year. As of September 30, 2019, the Company provided allowance for doubtful accounts of $95,111. 2) Liquidity risk The Company is also exposed to liquidity risk, which may limit the Company’s ability to access capital resources and have liquidity to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company will turn to other financial institutions and the stockholders to obtain short-term funds to meet the liquidity requirements. 3) Foreign currency risk As of September 30 , 2019 and March 31, 2019, substantially all of the Company’s operating activities and major assets and liabilities, except for the cash deposit of approximately $1,839,000 and $3,070,000, respectively, in U.S. dollars, are denominated in RMB, which are not freely convertible into foreign currencies. All foreign exchange transactions take place through either the Peoples’ Bank of China (“PBOC”) or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires a payment application together with invoices and signed contracts. The value of RMB is subject to change in central government policies and international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. When there is a significant change in value of RMB, the gains and losses resulting from translation of financial statements of a foreign subsidiary will be significant affected. As of September 30, 2019, RMB were depreciated from 6.71 RMB into US$1.00 at March 31, 2019 to 7.15 RMB into US$1.00 at September 30, 2019. 4) VIE risk It is possible that the VIE Agreements among Sichuan Senmiao, Senmiao Consulting, and the Sichuan Senmiao Shareholders would not be enforced in China if the PRC government or courts consider those contracts contravene PRC laws and regulations or otherwise not enforceable for public policy reasons. In the event that the Company were unable to enforce these contractual arrangements, the Company would not be able to exert effective control over Sichuan Senmiao. Consequently, Sichuan Senmiao’s results of operations, assets and liabilities would not be included in the Company’s consolidated financial statements, which would have an adverse impact on the Company’s cash flows, financial position, and operating performance. Management believes that the VIE Agreements are valid, binding and enforceable in accordance with their terms and applicable PRC laws and regulations currently in effect, and considers it is unlikely that PRC regulatory authorities with jurisdiction over the Company’s operations and contractual relationships would find the contracts unenforceable.
Recently issued accounting standards	(v) In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. ASU 2018-17 eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest. Instead, the reporting entity will consider such indirect interests on a proportionate basis. The amendments are effective for fiscal years ending after December 15, 2019. Early adoption is permitted. The Company is currently assessing the timing and impact of adopting the updated provisions to its unaudited condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance if effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions to its unaudited condensed consolidated financial statements. In June 2016, the FASB issued new accounting guidance ASU 2016-13 for recognition of credit losses on financial instruments, which is effective January 1, 2020, with early adoption permitted on January 1, 2019. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information and will likely result in earlier recognition of credit reserves. The Company does not intend to adopt the new standard early and is currently evaluating the impact the new guidance will have on its financial position, results of operations and cash flows; however, it is expected that the new CECL model will alter the assumptions used in calculating credit losses on loans, finance lease receivables, other receivables, prepayments, contingent liabilities from guarantee services, among other financial instruments, and may result in material changes to the Company’s credit reserves. CECL adoption will have broad impact on the financial statements of financial services firms, which will affect key profitability and solvency measures. Some of the more notable expected changes include: - Higher allowance on financial guarantee reserve and finance lease receivable levels and related deferred tax assets. While different asset types will be impacted differently, the expectation is that reserve levels will generally increase across the board for all financial firms. - Increased reserve levels may lead to a reduction in capital levels. - As a result of higher reserving levels, the expectation is that CECL will reduce cyclicality in financial firms’ results, as higher reserving in “good times” will mean that less dramatic reserve increases will be loan related income (which will continue to be recognized on a periodic basis based on the effective interest method) and the related credit losses (which will be recognized up front at origination). This will make periods of loan expansion seem less profitable due to the immediate recognition of expected credit losses. Periods of stable or declining loan levels will look comparatively profitable as the income trickles in for loans, where losses had been previously recognized. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated financial position, statements of operations and cash flows of the Company.

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTITIVIES (Tables)	6 Months Ended
	Sep. 30, 2019
ORGANIZATION AND PRINCIPAL ACTITIVIES
Schedule of total assets and total liabilities VIEs	Total assets and total liabilities of the Company’s VIEs included in the Company’s consolidated financial statements as of September 30, 2019 and March 31, 2019 are as follows: September 30, 2019 March 31, 2019 (Unaudited) Total assets $ 8,223,322 $ 5,214,014 Total liabilities $ 10,229,991 $ 6,852,769
Schedule of net revenue, income (loss) from operations and net loss of the VIEs	Net revenue, income (loss) from operations and net loss of the VIEs that were included in the Company's consolidated financial statements for the three and six months ended September 30, 2019 and 2018 are as follows: For the Three Months Ended For the Six Months Ended September 30, September 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net revenue $ 899,814 $ 71,508 $ 1,888,863 $ 196,534 Income (loss) from operations $ (303,826) $ (458,306) $ (140,805) $ (858,034) Net loss $ (472,332) $ (452,525) $ (487,739) $ (851,239)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of translation of amounts from RMB into US$	Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: September 30, 2019 March 31, 2019 Balance sheet items, except for equity accounts 7.1484 6.7119 For the Three Months Ended September 30, 2019 2018 Items in the statements of operations and comprehensive loss 7.0170 6.8127 For the Six Months Ended September 30, 2019 2018 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.9209 6.5925
Schedule of financial assets and liabilities that were accounted for at fair value on a recurring basis	The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2019: Carrying Value at Fair Value Measurement at September 30, 2019 September 30, 2019 (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities $ 193,569 $ — $ $ 193,569
Schedule of fair value of warrants	The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the six months ended September 30, 2019: September 30, 2019 Beginning balance $ — Derivative liabilities recognized at grant date on June 20, 2019 3,150,006 Change in fair value of derivative liabilities (1,994,806) Warrant exercised (961,631) Ending balance $ 193,569
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The Company's warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date) and September 30, 2019. June 20, 2019 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 1,116,320 142,509 Valuation date 6/20/2019 6/20/2019 6/20/2019 Exercise price $ 3.72 $ 3.72 $ 3.38 Stock price $ 2.80 $ 2.80 $ 2.80 Expected term(year) 4.00 1.00 4.00 Risk-free interest rate 1.77 % 1.77 % 1.77 % Expected volatility 86 % 86 % 86 % September 30, 2019 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 151,579 142,509 Valuation date 9/30/2019 9/30/2019 9/30/2019 Exercise price $ 3.72 $ 0.0001 $ 3.38 Stock price $ 0.37 $ 0.37 $ 0.37 Expected term(year) 3.72 0.72 3.72 Risk-free interest rate 1.56 % 1.79 % 1.56 % Expected volatility 98 % 98 % 98 %
Schedule of finance lease receivables	As of September 30, 2019 and March 31, 2019, finance lease receivables consisted of the following: September 30, March 31, 2019 2019 (Unaudited) Gross minimum lease payments receivable $ 1,494,882 $ 40,023 Less: Amounts representing estimated executory costs — — Minimum lease payments receivable 1,494,882 40,023 Less Allowance for uncollectible minimum lease payments receivable — — Net minimum lease payments receivable 1,494,882 40,023 Estimated residual value of leased automobiles — — Less: Unearned interest (390,349) (7,471) Financing lease receivables, net $ 1,104,533 $ 32,552 Finance lease receivables, net, current portion $ 371,264 $ 10,254 Finance lease receivables, net, long-term portion $ 733,269 $ 22,298
Schedule of future scheduled minimum lease payments for investments in sales-type leases	Future scheduled minimum lease payments for investments in sales-type leases as of September 30, 2019 are as follows: Minimum future payments receivable Twelve months ending September 30, 2020 $ 481,297 Twelve months ending September 30, 2021 467,494 Twelve months ending September 30, 2022 392,654 Twelve months ending September 30, 2023 153,437 Total $ 1,494,882
Schedule of property and equipment	The useful life of property and equipment is summarized as follows: Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment 2 - 5 years Office equipment 3 - 5 years Automobiles 4 years
Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method	Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Categories Useful life Platform 7 years Customer relationship 10 years Software 5‑7 years
Schedule of disaggregated information of revenues	Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Six Months Ended September 30, September 30, 2019 2018 2019 2018 Automobile Transaction and Related Services - Revenues from sales of automobiles $ 4,886,518 $ — $ 8,866,629 $ — - Service fees from automobile purchase services 600,684 — 1,257,010 — - Facilitation fees from automobile transactions 41,764 — 143,263 — - Service fees from management and guarantee services 97,840 — 184,655 — - Financing revenues 47,121 — 61,264 — - - Other service fees 211,360 — 385,029 — Online Lending Services - Transaction fees 13,479 65,021 70,454 180,885 - Service fees 8,313 6,487 21,857 15,649 - Website development revenue 14,087 — 25,445 — Total revenues $ 5,921,166 $ 71,508 $ 11,015,606 $ 196,534

ACQUISITION OF HUNAN RUIXI AN_2

ACQUISITION OF HUNAN RUIXI AND ITS VIE (Tables)	6 Months Ended
	Sep. 30, 2019
ACQUISITION OF HUNAN RUIXI AND ITS VIE
Summary the fair values for major classes of assets acquired and liabilities assumed at the date of acquisition	The following table summarizes the fair values for major classes of assets acquired and liabilities assumed at the date of acquisition: Fair value Net assets acquired (i) $ 63,965 Gain from acquisition of Hunan Ruixi and its subsidiary and VIE — Noncontrolling interests (ii) — Total purchase consideration $ — (i) Net assets acquired primarily include cash and cash equivalents of $213,645, other current assets of $1,813,821, property and equipment of $107,865, other current liabilities of $711,303 and borrowings from related parties and affiliates of $785,231, and borrowings from financial institutions of $554,802. (ii) Fair value of the noncontrolling interests is estimated with reference to the purchase price per share as of the acquisition date.

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
	Sep. 30, 2019
ACCOUNTS RECEIVABLE, NET
Summary of accounts receivable	As of September 30, 2019 and March 31, 2019, accounts receivable were comprised of the following: September 30, March 31, 2019 2019 (Unaudited) Receivables of transaction fees due from borrowers $ 143,795 $ 126,272 Receivables of automobile sales due from automobile purchasers 1,292,895 — Receivables of services fees due from automobile purchasers 1,590,292 199,909 Less: Unearned interest (196,865) — Less: Allowance for doubtful accounts (95,111) — Accounts receivable, net $ 2,735,006 $ 326,181 Account receivable, net, current portion $ 1,472,094 $ 326,181 Account receivable, net, long-term portion $ 1,262,912 $ —
Summary of movement of allowance for doubtful accounts	September 30, March 31, 2019 2019 (Unaudited) Receivables of transaction fees due from borrowers $ 143,795 $ 126,272 Receivables of automobile sales due from automobile purchasers 1,292,895 — Receivables of services fees due from automobile purchasers 1,590,292 199,909 Less: Unearned interest (196,865) — Less: Allowance for doubtful accounts (95,111) — Accounts receivable, net $ 2,735,006 $ 326,181 Account receivable, net, current portion $ 1,472,094 $ 326,181 Account receivable, net, long-term portion $ 1,262,912 $ — Movement of allowance for doubtful accounts is as follows: September 30, 2019 March 31, 2019 (Unaudited) Beginning balance $ — $ — Provision for doubtful accounts 98,239 — Translation adjustment (3,128) — Ending balance $ 95,111 $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Sep. 30, 2019
INVENTORIES
Schedule of inventories	September 30, March 31, 2019 2019 (Unaudited) Automobiles (i) $ 2,195,382 $ 1,508,244 (i) As of September 30, 2019, the Company owned four automobiles with a total value of $50,619 for leasing purposes, 113 automobiles with a total value of $1,235,048 for sale, and 78 automobiles with a total value of $909,715 for either leasing or selling purpose.

PREPAYMENTS, RECEIVABLES AND _2

PREPAYMENTS, RECEIVABLES AND OTHER ASSETS (Tables)	6 Months Ended
	Sep. 30, 2019
PREPAYMENTS, RECEIVABLES AND OTHER ASSETS
Schedule of prepayments, receivables and other assets	As of September 30, 2019 and March 31, 2019, the prepayments, receivables and other assets were comprised of the following: September 30, 2019 March 31, 2019 (Unaudited) Due from automobile purchasers, net (i) $ 3,090,621 $ 2,564,834 Prepayments for automobiles (ii) 438,215 394,821 Deposits 435,853 294,986 Value added tax ("VAT") recoverable (iii) 370,004 228,196 Deferred issuance costs pursuant to Registration Statement on Form S-3 (iv) — 149,696 Prepaid expenses 270,592 112,147 Employee advances 106,492 — Others 32,406 48,788 Total $ 4,744,183 $ 3,793,468 (i) The balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of September 30, 2019 and March 31, 2019, the Company recorded allowance of $66,145 and $2,995, respectively, against doubtful receivables. (ii) The balance represented amounts advanced to dealers for automobiles and to other third parties for automobiles related taxes and insurances. (iii) The balance of VAT recoverable represented the amount to be utilized to offset the Company’s future VAT arising from sales of goods. (iv) On April 15, 2019, the Company’s Registration Statement on Form S-3 registering up to $80,000,000 in aggregate principal amount of its common stock, preferred stock, debt securities, warrants, rights and/or units were declared effective. The deferred issuance costs pursuant to Form S-3 represented the direct and incremental costs related to the registered direct offering closed on June 21, 2019. The deferred issuance costs were netted against the gross proceeds of the offering on the effective date of the offering.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Sep. 30, 2019
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	Property and equipment consist of the following: September 30, 2019 March 31, 2019 (Unaudited) Leasehold improvements $ 176,019 $ — Electronic devices 39,892 28,305 Office equipment, fixtures and furniture 77,751 48,157 Vehicles 215,014 81,523 Subtotal 508,676 157,985 Less: accumulated depreciation and amortization (83,419) (32,100) Total $ 425,257 $ 125,885

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Sep. 30, 2019
INTANGIBLE ASSETS, NET
Schedule of intangible assets	Intangible assets consisted of the following: September 30, 2019 March 31, 2019 (Unaudited) Customer relationship $ — $ 392,618 Platform 1,090,388 1,161,267 Software 64,712 27,205 Subtotal 1,155,100 1,581,090 Less: Accumulated amortization (1,121,691) (1,284,999) Intangible assets, net $ 33,409 $ 296,091
Schedule of amortization expenses	The following table sets forth the Company’s amortization expense for the next five year ending: Amortization expenses Twelve months ending September 30, 2020 $ 8,167 Twelve months ending September 30, 2021 8,167 Twelve months ending September 30, 2022 8,167 Twelve months ending September 30, 2024 8,140 Thereafter 768 Total $ 33,409

BORROWINGS FROM THIRD PARTIES (

BORROWINGS FROM THIRD PARTIES (Tables)	6 Months Ended
	Sep. 30, 2019
BORROWINGS FROM THIRD PARTIES
Schedule of borrowings from third parties	September 30, March 31, 2019 2019 Borrowings from third parties $ — $ 476,765

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2019
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	September 30, March 31, 2019 2019 (Unaudited) Accrued payroll and welfare $ 714,331 $ 614,765 Other payable (i) 200,166 247,335 Loan repayments received on behalf of financial institutions (ii) 261,939 169,657 Payables for expenditures on automobile transaction and related services 238,878 157,382 Accrued expenses 41,575 198,456 Deposits 237,975 82,232 Other taxes payable 32,355 30,976 $ 1,727,219 $ 1,500,803 (i) The balance of other payable represented amount due to suppliers and vendors for operation purposes. (ii) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Sep. 30, 2019
EQUITY
Summary of allocation of net proceeds	Net proceeds were allocated as the follows: Warrants $ 3,150,006 Common stock 1,992,118 Total net proceeds $ 5,142,124
Summary of outstanding warrants	The Company has outstanding warrants as following: Weighted Average Average Remaining Warrants Warrants Exercise Contractual Outstanding Exercisable Price Life Balance, March 31, 2018 337,940 337,940 $ 4.80 4.96 Granted — — — — Forfeited — — — — Exercised (300,000) (300,000) $ 4.80 — Balance, March 31, 2019 37,940 37,940 $ 4.80 3.96 Granted 2,594,850 2,594,850 $ 3.70 4.00 Forfeited — — — — Exercised (964,741) (964,741) — — Balance, September 30, 2019 1,668,049 1,668,049 $ 3.38 3.72
Schedule of RSU activity	A summary of RSU activity for the year ended March 31, 2019 and for the six months ended September 30, 2019 is as follows: Weighted-Average Grant Date Fair Number of Shares Value Balance of RSUs outstanding at March 31, 2018 — $ — Grants of RSUs 25,000 $ 4.42 Vested RSUs (6,250) $ 4.42 Forfeited RSUs (7,500) $ 4.42 Balance of unvested RSUs at March 31, 2019 11,250 $ 4.42 Grants of RSUs — — Vested RSUs (7,500) $ 4.42 Forfeited RSUs — — Balance of unvested RSUs at September 30, 2019 (Unaudited) 3,750 $ 4.42

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Sep. 30, 2019
INCOME TAXES
Schedule of components of income tax expense	Income taxes in the PRC are consist of: For the Three Months Ended September 30, For the Six Months Ended September 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current income tax expenses $ 4,457 $ — $ 105,598 $ — Deferred income tax expenses $ — $ — $ — $ — Total income tax expenses $ 4,457 $ — $ 105,598 $ —
Schedule of tax effects of temporary differences from continuing operations	The tax effects of temporary differences from continuing operations that give rise to the Company’s deferred tax assets are as follows: September 30, 2019 March 31, 2019 (Unaudited) Net operating loss carryforwards in the PRC $ 1,092,914 $ 886,176 Net operating loss carryforwards in the U.S. 391,710 272,258 Less: valuation allowance (1,484,624) (1,158,434) $ — $ —

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	6 Months Ended
	Sep. 30, 2019
RELATED PARTY TRANSACTIONS AND BALANCES
Summary of amounts payable to stockholders, related parties and affiliates	This is comprised of amounts payable to two stockholders and are unsecured, interest free and due on demand. September 30, March 31, 2019 2019 (Unaudited) Jun Wang $ 72,707 $ 107,233 Xiang Hu 52,721 972,814 Total $ 125,428 $ 1,080,047 3) September 30, March 31, 2019 2019 (Unaudited) Loan payable to related parties (i) $ 447,653 $ 95,781 Other payables due to related parties (ii) 221,044 297,978 Others — 22,172 $ 668,697 $ 415,931 (i) As of September 30, 2019 and March 31, 2019, the balances represented borrowings from three and two related parties, respectively. $41,967 of the balances as of September 30, 2019 is unsecured, interest free and due in the fiscal year of 2020 while $405,685 of the balance bears an interest rate of 9% per annum and was fully paid in October 2019. The balance as of March 31, 2019 bore an interest rate of 10% per annum and is due in the fiscal year of 2020. (ii) As of March 31, 2019, the balance represented borrowings from two related parties, who obtained borrowings from the online P2P lending platform of Sichuan Senmiao and then loaned the money to Jinkailong. The balance bore an interest rate of 8.22% per annum and was fully repaid in April 2019.

LEASE (Tables)

LEASE (Tables)	6 Months Ended
	Sep. 30, 2019
LEASE
Summary of lease obligations	The following table sets forth the Company’s minimum lease payments in future periods: Lease payments Twelve months ending September 30, 2020 $ 361,839 Twelve months ending September 30, 2021 215,372 Twelve months ending September 30, 2022 120,825 Twelve months ending September 30, 2023 118,092 Twelve months ending September 30, 2023 40,042 Total lease payments 856,170 Less: discount (84,279) Present value of lease liabilities $ 771,891

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2019
SEGMENT INFORMATION
Summary of each segment's revenue, loss from operations, loss before income taxes and net loss which is considered as a segment operating performance measure	The following tables present the summary of each segment's revenue, loss from operations, loss before income taxes and net loss which is considered as a segment operating performance measure, for the three and six months ended September 30, 2019: For the Three Months Ended September 30, 2019 Automobile Online Lending Transaction and Services Related Services Unallocated Consolidated Revenues $ 35,879 $ 5,885,287 $ — $ 5,921,166 Income / (loss) from operations $ (735,463) $ 200,113 $ (268,951) $ (804,301) Income / (loss) before income taxes $ (729,345) $ 145,822 $ 1,729,339 $ 1,145,816 Net income (loss) $ (729,345) $ 141,365 $ 1,729,339 $ 1,141,359 For the Six Months Ended September 30, 2019 Automobile Online Lending Transaction and Services Related Services Unallocated Consolidated Revenues $ 117,756 $ 10,897,850 $ — $ 11,015,606 Income / (loss) from operations $ (1,207,808) $ 615,715 $ (608,306) $ (1,200,399) Income / (loss) before income taxes $ (1,182,615) $ 537,314 $ 1,386,824 $ 741,524 Net income (loss) $ (1,182,615) $ 431,716 $ 1,386,824 $ 635,926

ORGANIZATION AND PRINCIPAL AC_3

ORGANIZATION AND PRINCIPAL ACTITIVIES (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Total assets	$ 15,645,331	$ 12,314,135
Total liabilities	4,133,232	3,931,393
Variable Interest Entity, Primary Beneficiary [Member]
Total assets	8,223,322	5,214,014
Total liabilities	$ 10,229,991	$ 6,852,769

ORGANIZATION AND PRINCIPAL AC_4

ORGANIZATION AND PRINCIPAL ACTITIVIES - Consolidated Cash Flow Statement (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net revenue	$ 5,921,166		$ 71,508		$ 11,015,606	$ 196,534
Income (loss) from operations	(804,301)		(797,734)		(1,200,399)	(1,731,274)
Net income (loss)	1,141,359	$ (505,432)	(790,005)	$ (930,364)	635,926	(1,720,369)
Variable Interest Entity, Primary Beneficiary [Member]
Net revenue	899,814		71,508		1,888,863	196,534
Income (loss) from operations	(303,826)		(458,306)		(140,805)	(858,034)
Net income (loss)	$ (472,332)		$ (452,525)		$ (487,739)	$ (851,239)

ORGANIZATION AND PRINCIPAL AC_5

ORGANIZATION AND PRINCIPAL ACTITIVIES - Additional Information (Details)	Jul. 05, 2019USD ($)	Sep. 30, 2019USD ($)shares	Sep. 30, 2019USD ($)shares	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	Nov. 21, 2018USD ($)	Sep. 18, 2017shares
Incorporation, State Country Name			Nevada
Entity Incorporation, Date of Incorporation			Jun. 8, 2017
Equity Method Investment, Ownership Percentage		35.00%	35.00%
Aggregate Consideration			$ 0
Yicheng Financial Leasing Co [Member]
Number Of Shareholders Making Capital Contribution	0
Equity Method Investment Income (Expense)		$ 0	$ 0
Registered capital					$ 50,000,000
Voting Agreement with Jinkailongs other shareholders [Member]
Equity Method Investment, Ownership Percentage		65.00%	65.00%
Business Agreement Term			20 years
Exclusive Option Agreement [Member]
Contract period			10 years
Mashang Chuxing [Member]
Equity Method Investment Ownership Percentage From Mashang Chuxing	49.00%
Sichuan Senmiao [Member]
Number of Aggregate Common Stock Shares Issued | shares		20,250,000	20,250,000				45,000,000
Business Agreement Term			10 years
Hunan Ruixi [Member]
Equity Method Investment, Ownership Percentage						60.00%
Working Capital						$ 6,000,000
Contributions Towards Working Capital				$ 6,000,000
Registered Capital Percentage						60.00%
Jinkailong [Member]
Equity Method Investment, Ownership Percentage		35.00%	35.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign currency translation (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Balance sheet items, except for equity accounts	7.1484		7.1484		6.7119
Items in the statements of operations and comprehensive loss, and statements of cash flows	7.0170	6.8127	6.9209	6.5925

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value on recurring basis (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 193,569	$ 0
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	193,569
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Fair Value, Inputs, Level 3 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 193,569

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of assets and liabilities (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Beginning balance		$ 0
Derivative liabilities recognized at grant date on June 20, 2019		3,150,006
Change in fair value of derivative liabilities	$ (1,998,202)	(1,994,806)
Warrant exercised		(961,631)
Ending balance	$ 193,569	$ 193,569

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value of warrants (Details)	Jun. 21, 2019shares	Sep. 30, 2019Y$ / sharesshares	Jun. 20, 2019Y$ / sharesshares
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares	1,781,361
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	1,336,021	1,336,021	1,336,021
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	1,116,320	151,579	1,116,320
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares		142,509	142,509
Placement Agent Warrants [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	142,509
Exercise price [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		3.72	3.72
Exercise price [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.0001	3.72
Exercise price [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		3.38	3.38
Stock price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		2.80
Stock price [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.37	2.80
Stock price [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.37	2.80
Stock price [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.37	2.80
Expected term [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | Y		3.72	4
Expected term [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | Y		0.72	1
Expected term [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | Y		3.72	4
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.77
Risk-free interest rate [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.56	1.77
Risk-free interest rate [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.79	1.77
Risk-free interest rate [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.56	1.77
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		86
Expected volatility [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		98	86
Expected volatility [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		98	86
Expected volatility [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		98	86

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Finance lease receivables, net (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
Capital Leases, Net Investment in Sales Type Leases [Abstract]
Gross minimum lease payments receivable	$ 1,494,882	$ 40,023
Less: Amounts representing estimated executory costs	0	0
Minimum lease payments receivable	1,494,882	40,023
Minimum Lease Payments	0	0
Net minimum lease payments receivable	1,494,882	40,023
Estimated residual value of leased automobiles	0	0
Less: Unearned interest	(390,349)	(7,471)
Financing lease receivables, net	1,104,533	32,552
Finance lease receivables, net, current portion	371,264	10,254
Finance lease receivables, net	733,269	22,298
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Twelve months ending September 30, 2020	481,297
Twelve months ending September 30, 2021	467,494
Twelve months ending September 30, 2022	392,654
Twelve months ending September 30, 2023	153,437
Total	$ 1,494,882	$ 40,023

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	6 Months Ended
	Sep. 30, 2019
Automobiles [Member]
Useful Life	4 years
Maximum [Member] | Computer Equipment [Member]
Useful Life	5 years
Maximum [Member] | Office Equipment [Member]
Useful Life	5 years
Minimum [Member] | Computer Equipment [Member]
Useful Life	2 years
Minimum [Member] | Office Equipment [Member]
Useful Life	3 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Impairment of Intangible Assets, Finite-lived		$ 0		$ 0
Platform [Member]
Finite-Lived Intangible Asset, Useful Life			7 years
Customer Relationship [Member]
Finite-Lived Intangible Asset, Useful Life			10 years
Impairment of Intangible Assets, Finite-lived	$ 266,534		$ 266,534
Software [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life			7 years
Software [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life			5 years

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues by business lines
Total revenues	$ 5,921,166	$ 71,508	$ 11,015,606	$ 196,534
Revenues From Sales Of Automobiles [Member]
Revenues by business lines
Automobile Transaction and Related Services	4,886,518	0	8,866,629	0
Service fees from automobile purchase services [Member]
Revenues by business lines
Automobile Transaction and Related Services	600,684	0	1,257,010	0
Facilitation fees from automobile transaction [Member]
Revenues by business lines
Automobile Transaction and Related Services	41,764	0	143,263	0
Service fees from management and guarantee services [Member]
Revenues by business lines
Automobile Transaction and Related Services	97,840	0	184,655	0
Financing Revenues From Automobile Transaction And Related Services [Member]
Revenues by business lines
Automobile Transaction and Related Services	47,121	0	61,264	0
Other Service fees [Member]
Revenues by business lines
Automobile Transaction and Related Services	211,360	0	385,029	0
Transaction fees [Member]
Revenues by business lines
Online Lending Services	13,479	65,021	70,454	180,885
Service fees [Member]
Revenues by business lines
Online Lending Services	8,313	6,487	21,857	15,649
Website Development Revenues From Online Lending Services [Member]
Revenues by business lines
Online Lending Services	$ 14,087	$ 0	$ 25,445	$ 0

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details)	6 Months Ended
	Sep. 30, 2019CNY (¥)	Sep. 30, 2019USD ($)	Apr. 01, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018	Mar. 31, 2018USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ (763,605)		$ (428,771)
Financing Receivable, Gross		1,552,934
Contract Receivable, Due in Next Twelve Months		596,797
Contract Receivable, Due in Year Two		956,137
Commitments and Contingencies
Percentage of Income Taxes Benefit	50.00%	50.00%
Finite-Lived Intangible Assets, Net		$ 33,409
Allowance for Doubtful Accounts Receivable		95,111		0		$ 0
Percentage of customers to which the Company provides them with management and guarantee services	95.00%
Company's pricing interest rate per annum	6.00%
Operating Lease, Right-of-Use Asset		842,413	$ 246,227	$ 0
Operating Lease, Liability		771,891	247,325
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		84,279
Foreign Currency Exchange Rate, Remeasurement				6.71	7.15
Automobiles [Member] | Minimum [Member]
Useful Life	3 years
Automobiles [Member] | Maximum [Member]
Useful Life	4 years
Accounting Standards Update 2016-02 [Member] | Restatement Adjustment [Member]
Operating Lease, Right-of-Use Asset			246,227
Operating Lease, Liability			$ 247,325
CHINA
Cash, Uninsured Amount		1,905,000		$ 3,070,000
Maximum Insurance Claim Deposit	¥ 500,000	70,000
UNITED STATES
Deposits, Savings Deposits		617,000		$ 1,950,000
Cash, FDIC Insured Amount		$ 250,000

ACQUISITION OF HUNAN RUIXI AN_3

ACQUISITION OF HUNAN RUIXI AND ITS VIE - Assets Acquired and Liabilities (Details)	6 Months Ended
	Sep. 30, 2019USD ($)
ACQUISITION OF HUNAN RUIXI AND ITS VIE
Net assets acquired (i)	$ 63,965
Gain from acquisition of Hunan Ruixi and its subsidiary and VIE	0
Noncontrolling interests (ii)	0
Total purchase consideration	$ 0

ACQUISITION OF HUNAN RUIXI AN_4

ACQUISITION OF HUNAN RUIXI AND ITS VIE - Additional information (Details) - USD ($)	Sep. 30, 2019	Jun. 30, 2019	Nov. 21, 2018
Cash and Cash Equivalents, Fair Value Disclosure			$ 213,645
Other Current Assets Fair value Disclosure			1,813,821
Property, Plant, and Equipment, Fair Value Disclosure			107,865
Other Current Liabilities Fair Value Disclosure			711,303
Equity Method Investment, Ownership Percentage	35.00%
Borrowings from related parties and affiliates			785,231
Due To Financial Institutions			$ 554,802
Hunan Ruixi [Member]
Equity Method Investment, Ownership Percentage			60.00%
Contributions Towards Working Capital		$ 6,000,000
Working Capital			$ 6,000,000
Registered Capital Percentage			60.00%

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Unearned interest	$ (196,865)	$ 0
Less: Allowance for doubtful accounts	(95,111)	0	$ 0
Accounts receivable, net	2,735,006	326,181
Less: Allowance for doubtful accounts	66,145	2,995
Account receivable, net, current portion	1,472,094	326,181
Account receivable, net, long-term portion	1,262,912	0
Receivables of transaction fees due from borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	143,795	126,272
Receivables of automobile sales due from automobile purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	1,292,895	0
Receivables of services fees due from automobile purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 1,590,292	$ 199,909

ACCOUNTS RECEIVABLE, NET - Allo

ACCOUNTS RECEIVABLE, NET - Allowance for doubtful accounts (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
ACCOUNTS RECEIVABLE, NET
Beginning balance	$ 0	$ 0
Provision for doubtful accounts	98,239	0
Translation adjustment	(3,128)	0
Ending balance	$ 95,111	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Public Utilities, Inventory [Line Items]
Inventories	$ 2,195,382	$ 1,508,244
Automobiles [Member]
Public Utilities, Inventory [Line Items]
Inventories	$ 2,195,382	$ 1,508,244

INVENTORIES - Additional inform

INVENTORIES - Additional information (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)item	Mar. 31, 2019USD ($)
Public Utilities, Inventory [Line Items]
Inventory Net For Leasing	$ 50,619
Inventory Net Available For Sale	1,235,048
Inventory Net For Leasing Or Available For Sale	909,715
Inventory Write-down	$ 0	$ 0
Four [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Units | item	4
One Hundred Thirteen [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Units | item	113
Seventy Eight [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Units | item	78

PREPAYMENTS, RECEIVABLES AND _3

PREPAYMENTS, RECEIVABLES AND OTHER ASSETS (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
PREPAYMENTS, RECEIVABLES AND OTHER ASSETS
Due from automobile purchasers, net (i)	$ 3,090,621	$ 2,564,834
Prepayments for automobiles (ii)	438,215	394,821
Deposits	435,853	294,986
Value added tax ("VAT") recoverable (iii)	370,004	228,196
Deferred issuance costs pursuant to Registration Statement on Form S-3 (iv)	0	149,696
Prepaid expenses	270,592	112,147
Employee advances	106,492	0
Others	32,406	48,788
Total	$ 4,744,183	$ 3,793,468

PREPAYMENTS, RECEIVABLES AND _4

PREPAYMENTS, RECEIVABLES AND OTHER ASSETS - Additional information (Details) - USD ($)	Sep. 30, 2019	Apr. 15, 2019	Mar. 31, 2019
PREPAYMENTS, RECEIVABLES AND OTHER ASSETS
Allowance for Doubtful Accounts Receivable, Current	$ 66,145		$ 2,995
Sale Of Aggregate Principal Amount Of Our Equity		$ 80,000,000

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Property and equipment
Subtotal	$ 508,676		$ 508,676		$ 157,985
Less: accumulated depreciation and amortization	(83,419)		(83,419)		(32,100)
Total	425,257		425,257		125,885
Depreciation and amortization expense	30,494	$ 3,015	56,016	$ 4,897
Leasehold improvements
Property and equipment
Subtotal	176,019		176,019		0
Electronic devices
Property and equipment
Subtotal	39,892		39,892		28,305
Office equipment, fixtures and furniture
Property and equipment
Subtotal	77,751		77,751		48,157
Vehicle
Property and equipment
Subtotal	$ 215,014		$ 215,014		$ 81,523

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Finite-Lived Intangible Assets, Gross	$ 1,155,100	$ 1,581,090
Less: accumulated amortization	(1,121,691)	(1,284,999)
Intangible Assets, Net (Including Goodwill)	33,409	296,091
Customer Relationship [Member]
Finite-Lived Intangible Assets, Gross	0	392,618
Platform [Member]
Finite-Lived Intangible Assets, Gross	1,090,388	1,161,267
Software [Member]
Finite-Lived Intangible Assets, Gross	$ 64,712	$ 27,205

INTANGIBLE ASSETS, NET - Amorti

INTANGIBLE ASSETS, NET - Amortization expenses (Details)	Sep. 30, 2019USD ($)
INTANGIBLE ASSETS, NET
Twelve months ending September 30, 2020	$ 8,167
Twelve months ending September 30, 2021	8,167
Twelve months ending September 30, 2022	8,167
Twelve months ending September 30, 2024	8,140
Thereafter	768
Total	$ 33,409

INTANGIBLE ASSETS, NET - Additi

INTANGIBLE ASSETS, NET - Additional information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INTANGIBLE ASSETS, NET
Amortization of Intangible Assets	$ 11,414	$ 86,791	$ 26,568	$ 173,088

PREPAYMENTS FOR INTANGIBLE AS_2

PREPAYMENTS FOR INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Prepayments For Intangible Assets	$ 889,891	$ 470,706
Platform [Member]
Prepayments For Intangible Assets	139,891	190,706
Software [Member]
Prepayments For Intangible Assets	$ 750,000	$ 280,000

BORROWINGS FROM FINANCIAL INS_2

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Loans Payable to Bank	$ 278,499		$ 278,499		$ 396,946
Loans Payable to Bank, Noncurrent	72,724		72,724		177,789
Loans Payable to Bank, Current	205,775		205,775		$ 219,157
Interest Expense, Borrowings	$ 11,430	$ 0	$ 21,668	$ 0
Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.20%		6.20%
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.10%		8.10%

BORROWINGS FROM THIRD PARTIES_2

BORROWINGS FROM THIRD PARTIES (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
BORROWINGS FROM THIRD PARTIES
Borrowings from third parties	$ 0	$ 476,765

BORROWINGS FROM THIRD PARTIES -

BORROWINGS FROM THIRD PARTIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
BORROWINGS FROM THIRD PARTIES
Interest Expense, Debt	$ 0	$ 0	$ 12,655	$ 0

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)		Sep. 30, 2019	Mar. 31, 2019
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and welfare		$ 714,331	$ 614,765
Other payable (i)	[1]	200,166	247,335
Loan repayments received on behalf of financial institutions (ii)		261,939	169,657
Payables for expenditures on automobile transaction and related services		238,878	157,382
Accrued expenses		41,575	198,456
Deposits		237,975	82,232
Other tax payable		32,355	30,976
Accounts Payable and Other Accrued Liabilities, Current		$ 1,727,219	$ 1,500,803
[1]	The balance of other payable represented amount due to suppliers and vendors for operation purposes.

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
EMPLOYEE BENEFIT PLAN
Defined Contribution Plan, Cost	$ 84,121	$ 80,228	$ 191,677	$ 129,046
Defined Benefit Plan, Benefit Obligation	$ 501,310		$ 501,310		$ 403,446

EQUITY - IPO Warrants (Details)

EQUITY - IPO Warrants (Details) - shares	Apr. 05, 2019	Sep. 30, 2019	Mar. 15, 2019
Class of Warrant or Right [Line Items]
Stock Issued During Period Upon Exercise Of Warrants	65,855
Common Stock [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		337,940
Class Of Warrant Or Rights Term And Price Description		Each five-year warrant entitles warrant holder to purchase one share of the Company's common stock at the price of $4.80 per share and is not exercisable for a period of 180 days from March 16, 2018.
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			300,000
Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	300,000
Class of Warrant or Right, Outstanding	37,940

EQUITY - Registered Direct Offe

EQUITY - Registered Direct Offering Warrants (Details)	1 Months Ended		3 Months Ended	6 Months Ended
	Aug. 31, 2019USD ($)	Jun. 21, 2019USD ($)	Sep. 30, 2019USD ($)Y$ / shares	Sep. 30, 2019USD ($)Y$ / shares	Sep. 30, 2018USD ($)	Jun. 20, 2019Y$ / shares	Mar. 31, 2019USD ($)
Class of Warrant or Right [Line Items]
Warrants				$ 3,150,006
Common stock		$ 6,000,000		1,992,118
Total net proceeds				5,142,124	$ 0
Fair Value Adjustment of Warrants			$ 1,998,202	1,994,806
Warrants and Rights Outstanding			$ 193,569	$ 193,569			$ 0
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Common stock	$ 96
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			86	86
Expected volatility [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			98	98		86
Expected volatility [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			98	98		86
Expected volatility [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			98	98		86
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.77	1.77
Risk-free interest rate [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.56	1.56		1.77
Risk-free interest rate [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.56	1.56		1.77
Risk-free interest rate [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.79	1.79		1.77
Measurement Input, Expected Dividend Rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0	0
Expected term [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | Y			3.72	3.72		4
Expected term [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | Y			3.72	3.72		4
Expected term [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | Y			0.72	0.72		1
Stock price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares			2.80	2.80
Stock price [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares			0.37	0.37		2.80
Stock price [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares			0.37	0.37		2.80
Stock price [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares			0.37	0.37		2.80

EQUITY - Outstanding warrants (

EQUITY - Outstanding warrants (Details) - Warrant [Member] - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Warrants Outstanding
Balance at the beginning	37,940	337,940
Granted	2,594,850	0
Forfeited	0	0
Exercised	(964,741)	(300,000)
Balance at the end	1,668,049	37,940	337,940
Warrants Exercisable
Balance at the beginning	37,940	337,940
Granted	2,594,850	0
Forfeited	0	0
Exercised	(964,741)	(300,000)
Balance at the end	1,668,049	37,940	337,940
Weighted Average Exercise Price
Balance at the beginning	$ 4.80	$ 4.80
Granted	3.70	0
Forfeited	0	0
Exercised	0	4.80
Balance at the end	$ 3.38	$ 4.80	$ 4.80
Granted	4 years
Average remaining contractual life	3 years 8 months 19 days	3 years 11 months 16 days	4 years 11 months 16 days

EQUITY - Restricted Stock Units

EQUITY - Restricted Stock Units (Details) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
Number of Shares
Balance of RSUs outstanding	11,250	0
Grants of RSUs	0	25,000
Vested RSUs	(7,500)	(6,250)
Forfeited RSUs	0	(7,500)
Balance of unvested RSUs	3,750	11,250
Weighted-Average Grant Date Fair Value
Balance of RSUs outstanding	$ 4.42	$ 0
Grants of RSUs	0	4.42
Vested RSUs	4.42	4.42
Forfeited RSUs	0	4.42
Balance of unvested RSUs	$ 4.42	$ 4.42

EQUITY - Restricted Stock Uni_2

EQUITY - Restricted Stock Units - Additional Information (Details) - USD ($)	Jul. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				0		25,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 117,750
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				0		7,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		3,750		3,750		11,250	0
Restricted Stock [Member]
Share-based Compensation		$ 0	$ 0	$ 16,575	$ 0
Restricted Stock Units (RSUs) [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	5,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	25,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period						7,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		3,750		3,750		11,250

EQUITY - Registered Direct Of_2

EQUITY - Registered Direct Offering (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Aug. 31, 2019	Jun. 21, 2019	Jun. 30, 2019	Sep. 30, 2019	Jun. 20, 2019	Apr. 15, 2019	Mar. 15, 2019
Class of Warrant or Right [Line Items]
Sale Of Aggregate Principal Amount Of Our Equity						$ 80,000,000
Shares Issued, Price Per Share		$ 3.38
Proceeds from Issuance of Common Stock		$ 6,000,000		$ 1,992,118
Stock Issued During Period, Shares, New Issues		1,781,361
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,336,021		1,336,021	1,336,021
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 3.72
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Proceeds from Issuance of Common Stock	$ 96
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,116,320		151,579	1,116,320
Common Stock [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues	964,741		1,781,360
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							300,000
Common Stock [Member] | Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,336,021
Common Stock [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,116,320

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INCOME TAXES
Current income tax expenses	$ 4,457	$ 0	$ 105,598	$ 0
Deferred income tax expenses	0	0	0	0
Total income tax expenses	$ 4,457	$ 0	$ 105,598	$ 0

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
INCOME TAXES
Net operating loss carryforwards in the PRC	$ 1,092,914	$ 886,176
Net operating loss carryforwards in the U.S.	391,710	272,258
Less: valuation allowance	(1,484,624)	(1,158,434)
Deferred Tax Assets Net	$ 0	$ 0

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	6 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
Deferred Tax Assets, Valuation Allowance	$ 1,484,624	$ 1,158,434
Operating Loss Carryforwards	$ 4,400,000	4,800,000
Operating Loss Carryforwards Expiration Year	2023
Deferred Tax Assets, Operating Loss Carryforwards	$ 1,900,000
Net Operating Loss Included In Operating Loss Carryforwards	569,000
Deferred Tax Assets, Net of Valuation Allowance	$ 0	0
Deferred Tax Assets, Valuation Allowance, Percentage	100.00%
State Administration of Taxation, China [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.00%
The United States of America [Member]
Deferred Tax Assets, Valuation Allowance	$ 390,000	$ 270,000

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND BALANCES - Amount due to stockholders (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Related Party Transaction [Line Items]
Due to stockholders	$ 125,428	$ 1,080,047
Jun Wang [Member]
Related Party Transaction [Line Items]
Due to stockholders	72,707	107,233
Xiang Hu [Member]
Related Party Transaction [Line Items]
Due to stockholders	$ 52,721	$ 972,814

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND BALANCES - Amount due to related parties and affiliates (Details) - USD ($)	6 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
RELATED PARTY TRANSACTIONS AND BALANCES
Loan payable to related parties (i)	$ 447,653	$ 95,781
Other payables due to related parties (ii)	221,044	297,978
Others	0	22,172
Due to related parties, current	668,697	$ 415,931
Interest Free Loan Payable To Related Parties, Current	41,967
Loan Payable To Related Parties, With Interest, Current	$ 405,685
Loan Payable To Related Parties, Interest Rate	9.00%

RELATED PARTY TRANSACTIONS AN_5

RELATED PARTY TRANSACTIONS AND BALANCES - Additional Information (Details) - USD ($)	Nov. 01, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Related Party Transaction, Due from (to) Related Party			$ 53,943		$ 53,943
Interest Expense, Related Party			14,395	$ 0	28,022	$ 0
Proceeds from Related Party Debt					1,177,651	0
Repayments of Related Party Debt					838,949	0
Due to Officers or Stockholders			125,428		$ 125,428		$ 1,080,047
Lessee Operating Lease Contract Period Description					November 1, 2018 to October 31, 2023
Operating Leases Annual Rental Payments	$ 44,250
Operating Leases, Rent Expense					$ 10,455	0
Other payables due to related parties (ii)			$ 221,044		$ 221,044		$ 297,978
Jinkailong [Member]
Debt Instrument, Interest Rate, Stated Percentage							8.22%
Jinkailong [Member] | Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage			8.22%		8.22%
Jinkailong [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage			7.68%		7.68%
Xiang Hu [Member]
Proceeds from Related Party Debt		$ 955,000
Due to Officers or Stockholders			$ 52,721		$ 52,721
Jun Wang [Member]
Proceeds from Related Party Debt		$ 159,000
Due to Officers or Stockholders			72,707		$ 72,707
Hong Li [Member]
Lease Expiration Date					Jan. 1, 2020
Shareholders [Member]
Debt Instrument, Interest Rate, Stated Percentage							10.00%
Operating Leases, Rent Expense, Net			27,578	28,952	$ 55,156	57,904
Sichuan Senmiao [Member]
Related Party Debt Face Amount Borrowed			747,647		747,647
Sichuan Senmiao [Member] | Jinkailong [Member]
Interest Expense, Related Party			12,353	$ 0	12,353	$ 0
Mashang Chuxing [Member]
Related Party Transaction, Due from (to) Related Party			$ 82,647		$ 82,647

LEASE - Lease obligations in fu

LEASE - Lease obligations in future periods (Details) - USD ($)	Sep. 30, 2019	Apr. 01, 2019
Lease obligations
Twelve months ending September 30, 2020	$ 361,839
Twelve months ending September 30, 2021	215,372
Twelve months ending September 30, 2022	120,825
Twelve months ending September 30, 2023	118,092
Twelve months ending September 30, 2023	40,042
Total lease payments	856,170
Less: discount	84,279
Present value of lease liabilities	$ 771,891	$ 247,325

LEASE - Additional Information

LEASE - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Apr. 01, 2019	Mar. 31, 2019
LEASE
Operating Lease, Right-of-Use Asset	$ 842,413		$ 842,413		$ 246,227	$ 0
Operating Lease, Liability	771,891		771,891		$ 247,325
Operating Lease, Weighted Average Discount Rate, Percent					6.00%
Operating Lease, Weighted Average Remaining Lease Term					2 years 3 months 22 days
Operating Lease, Cost	$ 126,438	$ 26,280	$ 209,176	$ 66,369

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - (Details)	6 Months Ended
	Sep. 30, 2018	Oct. 01, 2019USD ($)item	Sep. 30, 2019USD ($)item
Number Of Automobiles | item			115
Purchase Commitment, Remaining Minimum Amount Committed			$ 1,300,000
Loss Contingency Accrual			18,099,000
Loss Contingency, Possible Loss Due To Online Investors			668,000
Loss Contingency, Fair Value Of Collateral			$ 14,668,000
Loss Contingency, Percentage of Contingent Liabilities	81.00%
Subsequent Event [Member]
Number Of Automobiles | item		4
Purchase Commitment, Remaining Minimum Amount Committed		$ 72,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues	$ 5,921,166	$ 71,508	$ 11,015,606	$ 196,534
Income / (loss) before income taxes	1,145,816	(790,005)	741,524	(1,720,369)
Net income (loss)	1,090,254	$ (790,005)	511,893	$ (1,720,369)
Online Lending Services [Member]
Revenues	35,879		117,756
Income / (loss) from operations	(735,463)		(1,207,808)
Income / (loss) before income taxes	(729,345)		(1,182,615)
Net income (loss)	(729,345)		(1,182,615)
Automobile Transaction and Related Services [Member]
Revenues	5,885,287		10,897,850
Income / (loss) from operations	200,113		615,715
Income / (loss) before income taxes	145,822		537,314
Net income (loss)	141,365		431,716
Unallocated [Member]
Revenues	0		0
Income / (loss) from operations	(268,951)		(608,306)
Income / (loss) before income taxes	1,729,339		1,386,824
Net income (loss)	1,729,339		1,386,824
Consolidated [Member]
Revenues	5,921,166		11,015,606
Income / (loss) from operations	(804,301)		(1,200,399)
Income / (loss) before income taxes	1,145,816		741,524
Net income (loss)	$ 1,141,359		$ 635,926

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019
Assets	$ 15,645,331	$ 12,314,135
Online Lending Services [Member]
Assets	781,348	1,695,391
Automobile Transaction and Related Services [Member]
Assets	13,378,207	7,580,070
Unallocated [Member]
Assets	$ 1,485,776	$ 3,038,674

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Oct. 17, 2019USD ($)item
Subsequent Event [Line Items]
Aggregate balance of the loans	$ 5,600,000
Number of online lending business employees | item	10
Maximum [Member]
Subsequent Event [Line Items]
Employee severance and other related termination benefits	$ 20,000